Short Interest in Lexaria Bioscience Corp. (NASDAQ:LEXX) Drops By 17.4%

Lexaria Bioscience Corp. (NASDAQ:LEXX) was the recipient of a large drop in short interest in January. As of January 31st, there was short interest totalling 610,400 shares, a drop of 17.4% from the January 15th total of 739,000 shares. Based on an average trading volume of 184,000 shares, the days-to-cover ratio is presently 3.3 days. Currently, 3.8% of the company’s stock are short sold.

Insider Buying and Selling

In other news, CEO Richard Christopher bought 22,828 shares of the stock in a transaction dated Monday, December 2nd. The shares were acquired at an average price of $2.24 per share, with a total value of $51,134.72. Following the completion of the acquisition, the chief executive officer now directly owns 22,828 shares in the company, valued at approximately $51,134.72. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 26.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lexaria Bioscience

Institutional investors have recently bought and sold shares of the business. Byrne Asset Management LLC lifted its holdings in Lexaria Bioscience by 132.1% in the 4th quarter. Byrne Asset Management LLC now owns 13,000 shares of the company’s stock worth $27,000 after purchasing an additional 7,400 shares during the last quarter. HighTower Advisors LLC acquired a new position in Lexaria Bioscience during the third quarter worth $40,000. XTX Topco Ltd grew its holdings in shares of Lexaria Bioscience by 47.8% during the third quarter. XTX Topco Ltd now owns 18,626 shares of the company’s stock worth $57,000 after purchasing an additional 6,024 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Lexaria Bioscience during the fourth quarter worth $127,000. Finally, Geode Capital Management LLC boosted its holdings in Lexaria Bioscience by 10.8% in the fourth quarter. Geode Capital Management LLC now owns 166,679 shares of the company’s stock valued at $350,000 after acquiring an additional 16,288 shares during the last quarter. 13.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright decreased their target price on shares of Lexaria Bioscience from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, January 24th.

Lexaria Bioscience Stock Performance

Shares of LEXX opened at $1.60 on Friday. The business’s fifty day moving average price is $2.02 and its 200 day moving average price is $2.60. Lexaria Bioscience has a 12-month low of $1.50 and a 12-month high of $6.85.

Lexaria Bioscience (NASDAQ:LEXX) last issued its quarterly earnings results on Friday, January 10th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). Lexaria Bioscience had a negative net margin of 1,473.04% and a negative return on equity of 88.88%. As a group, research analysts anticipate that Lexaria Bioscience will post -0.59 EPS for the current year.

About Lexaria Bioscience

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.