Lexaria Bioscience Corp. (NASDAQ:LEXX) Sees Significant Growth in Short Interest

Lexaria Bioscience Corp. (NASDAQ:LEXX) saw a large growth in short interest in December. As of December 31st, there was short interest totaling 1,596,738 shares, a growth of 158.3% from the December 15th total of 618,196 shares. Based on an average daily trading volume, of 2,319,034 shares, the short-interest ratio is presently 0.7 days. Currently, 7.0% of the company’s stock are sold short. Currently, 7.0% of the company’s stock are sold short. Based on an average daily trading volume, of 2,319,034 shares, the short-interest ratio is presently 0.7 days.

Hedge Funds Weigh In On Lexaria Bioscience

A hedge fund recently raised its stake in Lexaria Bioscience stock. Byrne Asset Management LLC increased its holdings in shares of Lexaria Bioscience Corp. (NASDAQ:LEXX) by 236.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 105,500 shares of the company’s stock after buying an additional 74,180 shares during the quarter. Byrne Asset Management LLC owned about 0.42% of Lexaria Bioscience worth $65,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 13.06% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Lexaria Bioscience in a research note on Monday, December 29th. Wall Street Zen downgraded shares of Lexaria Bioscience from a “hold” rating to a “sell” rating in a report on Sunday, December 7th. Finally, HC Wainwright cut their price target on Lexaria Bioscience from $4.00 to $1.50 and set a “buy” rating for the company in a report on Friday, December 26th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $1.50.

Lexaria Bioscience Stock Down 1.6%

Shares of Lexaria Bioscience stock opened at $0.72 on Friday. The firm has a market cap of $17.90 million, a price-to-earnings ratio of -1.28 and a beta of 0.63. Lexaria Bioscience has a 52-week low of $0.46 and a 52-week high of $2.04. The company’s 50-day simple moving average is $0.90 and its 200-day simple moving average is $0.94.

Lexaria Bioscience (NASDAQ:LEXX) last issued its earnings results on Tuesday, January 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.06. The business had revenue of $0.19 million during the quarter, compared to the consensus estimate of $0.14 million. Lexaria Bioscience had a negative return on equity of 226.58% and a negative net margin of 1,685.84%. Equities research analysts anticipate that Lexaria Bioscience will post -0.59 EPS for the current year.

About Lexaria Bioscience

Lexaria Bioscience Corp. (NASDAQ: LEXX) is a biotech company specializing in the development and commercialization of proprietary drug delivery platforms. The company’s flagship technology, DehydraTECH, is designed to improve the oral bioavailability, onset time and overall efficiency of active molecules such as cannabinoids, nicotine and other lipophilic compounds. Lexaria’s platform seeks to address absorption challenges commonly associated with oral delivery by enhancing the rate and extent at which compounds enter the bloodstream.

Founded in 2014 and headquartered in Kelowna, British Columbia, Lexaria operates in the pharmaceutical, nutraceutical and consumer product markets.