Lexaria Bioscience (NASDAQ:LEXX) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Lexaria Bioscience (NASDAQ:LEXX) released its earnings results on Monday. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02), Zacks reports.

Lexaria Bioscience Stock Performance

Shares of LEXX traded down $0.05 during midday trading on Monday, hitting $0.59. 62,656 shares of the stock were exchanged, compared to its average volume of 158,518. The stock has a fifty day simple moving average of $0.60 and a 200 day simple moving average of $0.71. Lexaria Bioscience has a 52-week low of $0.46 and a 52-week high of $1.55. The firm has a market cap of $14.75 million, a P/E ratio of -1.27 and a beta of 0.34.

Hedge Funds Weigh In On Lexaria Bioscience

A hedge fund recently raised its stake in Lexaria Bioscience stock. Geode Capital Management LLC grew its stake in Lexaria Bioscience Corp. (NASDAQ:LEXX) by 25.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 219,718 shares of the company’s stock after buying an additional 44,939 shares during the quarter. Geode Capital Management LLC owned 0.88% of Lexaria Bioscience worth $136,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 13.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered Lexaria Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 25th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $1.50.

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.