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

Lexaria Bioscience Corp. (NASDAQ:LEXX) was the recipient of a large decline in short interest during the month of June. As of June 15th, there was short interest totalling 153,000 shares, a decline of 25.7% from the May 31st total of 205,900 shares. Based on an average daily volume of 240,500 shares, the days-to-cover ratio is currently 0.6 days. Currently, 1.2% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Separately, Maxim Group boosted their target price on Lexaria Bioscience from $3.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th.

Lexaria Bioscience Stock Up 5.7 %

Shares of NASDAQ:LEXX traded up $0.15 during trading on Friday, reaching $2.78. 101,127 shares of the company traded hands, compared to its average volume of 201,467. The company’s 50 day moving average is $3.09 and its two-hundred day moving average is $2.63. The firm has a market capitalization of $35.83 million, a PE ratio of -4.09 and a beta of 1.06. Lexaria Bioscience has a 52 week low of $0.71 and a 52 week high of $6.85.

Lexaria Bioscience (NASDAQ:LEXX) last announced its quarterly earnings data on Tuesday, April 9th. The company reported ($0.06) earnings per share for the quarter. The company had revenue of $0.15 million during the quarter. As a group, research analysts anticipate that Lexaria Bioscience will post -0.46 EPS for the current year.

Institutional Investors Weigh In On Lexaria Bioscience

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Welch Group LLC bought a new stake in Lexaria Bioscience during the 1st quarter worth approximately $87,000. Cowen AND Company LLC bought a new stake in Lexaria Bioscience during the 4th quarter worth approximately $320,000. Finally, Armistice Capital LLC bought a new stake in Lexaria Bioscience during the 3rd quarter worth approximately $889,000. 13.06% of the stock is owned by institutional investors.

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.