HC Wainwright Cuts Lexaria Bioscience (NASDAQ:LEXX) Price Target to $4.00

Lexaria Bioscience (NASDAQ:LEXX) had its price objective lowered by research analysts at HC Wainwright from $5.00 to $4.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price suggests a potential upside of 337.16% from the company’s previous close.

Lexaria Bioscience Trading Up 2.9%

NASDAQ:LEXX opened at $0.92 on Tuesday. The firm has a market cap of $17.90 million, a P/E ratio of -1.37 and a beta of 0.79. The stock’s 50 day simple moving average is $0.95 and its 200-day simple moving average is $1.30. Lexaria Bioscience has a 12-month low of $0.79 and a 12-month high of $4.38.

Lexaria Bioscience (NASDAQ:LEXX) last released its earnings results on Monday, July 14th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.06). The company had revenue of $0.17 million during the quarter, compared to analyst estimates of $0.17 million. Lexaria Bioscience had a negative net margin of 1,849.19% and a negative return on equity of 157.22%. Research analysts forecast that Lexaria Bioscience will post -0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. HighTower Advisors LLC grew its holdings in Lexaria Bioscience by 61.4% during the fourth quarter. HighTower Advisors LLC now owns 21,023 shares of the company’s stock worth $44,000 after acquiring an additional 8,000 shares during the period. Byrne Asset Management LLC grew its holdings in Lexaria Bioscience by 122.3% during the first quarter. Byrne Asset Management LLC now owns 28,905 shares of the company’s stock worth $49,000 after acquiring an additional 15,905 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Lexaria Bioscience by 108.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 28,873 shares of the company’s stock worth $61,000 after acquiring an additional 15,050 shares during the period. Raymond James Financial Inc. acquired a new position in Lexaria Bioscience during the fourth quarter worth $127,000. Finally, Geode Capital Management LLC grew its holdings in Lexaria Bioscience by 10.8% during the fourth quarter. Geode Capital Management LLC now owns 166,679 shares of the company’s stock worth $350,000 after acquiring an additional 16,288 shares during the period. Institutional investors and hedge funds own 13.06% of the company’s stock.

Lexaria Bioscience Company Profile

Lexaria Bioscience Corp. operates as a biotechnology company. It develops and out-licenses its patented drug delivery technology, DehydraTECH, which combines lipophilic molecules or active pharmaceutical ingredients with specific long-chain fatty acids and carrier compounds that improve the way they enter the bloodstream, increasing their effectiveness and allowing for lower overall dosing while promoting healthier oral ingestion methods.