Lixte Biotechnology (NASDAQ:NMAD) Stock Breaks Above 50 Day Moving Average – Here’s Why

Lixte Biotechnology Holdings, Inc. (NASDAQ:NMAD) crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $3.91 and traded as high as $4.18. Lixte Biotechnology shares last traded at $4.04, with a volume of 274,238 shares traded.

Wall Street Analysts Forecast Growth

NMAD has been the subject of several analyst reports. Weiss Ratings raised Lixte Biotechnology from a “sell (e)” rating to a “sell (d)” rating in a research note on Friday, September 25th. Wall Street Zen cut Lixte Biotechnology from a “hold” rating to a “sell” rating in a report on Saturday, August 22nd. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the company currently has an average rating of “Sell”.

Lixte Biotechnology Price Performance

The firm has a market cap of $65.05 million, a P/E ratio of -4.04 and a beta of 1.25. The stock’s 50-day simple moving average is $3.91 and its two-hundred day simple moving average is $4.64.

Lixte Biotechnology (NASDAQ:NMAD) last released its earnings results on Friday, August 14th. The company reported ($0.16) earnings per share (EPS) for the quarter.

Institutional Investors Weigh In On Lixte Biotechnology

Hedge funds and other institutional investors have recently modified their holdings of the business. Legacy Wealth Managment LLC ID purchased a new position in Lixte Biotechnology during the 2nd quarter valued at $4,457,000. Equitable Holdings Inc. purchased a new stake in Lixte Biotechnology in the second quarter worth $74,000. BlackRock Inc. bought a new stake in shares of Lixte Biotechnology during the second quarter worth $564,000. Finally, FNY Investment Advisers LLC bought a new stake in shares of Lixte Biotechnology during the second quarter worth $330,000. 5.10% of the stock is currently owned by hedge funds and other institutional investors.

About Lixte Biotechnology

Lixte Biotechnology Holdings, Inc is a clinical-stage biotechnology company focused on developing novel cancer therapies. The company’s research centers on protein phosphatase 2A (PP2A), an enzyme involved in regulating cell growth, survival and response to treatment. Lixte is developing compounds intended to inhibit PP2A and potentially enhance the effectiveness of existing cancer therapies.

Lixte’s lead investigational product is LB-100, a small-molecule PP2A inhibitor being evaluated for potential use in combination with chemotherapy, radiation and other anticancer treatments.