Lexaria Bioscience Corp. (NASDAQ:LEXX) Sees Large Drop in Short Interest

Lexaria Bioscience Corp. (NASDAQ:LEXXGet Free Report) was the target of a significant drop in short interest in October. As of October 15th, there was short interest totalling 275,700 shares, a drop of 11.4% from the September 30th total of 311,100 shares. Currently, 1.7% of the shares of the company are sold short. Based on an average daily trading volume, of 166,900 shares, the days-to-cover ratio is presently 1.7 days.

Lexaria Bioscience Price Performance

Shares of NASDAQ:LEXX traded down $0.12 during trading on Thursday, hitting $2.15. The company had a trading volume of 204,421 shares, compared to its average volume of 273,625. The stock has a market cap of $34.01 million, a price-to-earnings ratio of -5.11 and a beta of 0.97. Lexaria Bioscience has a one year low of $1.20 and a one year high of $6.85. The company has a fifty day simple moving average of $3.10 and a two-hundred day simple moving average of $3.07.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Lexaria Bioscience stock. Armistice Capital LLC acquired a new position in shares of Lexaria Bioscience Corp. (NASDAQ:LEXXFree Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 1,020,000 shares of the company’s stock, valued at approximately $2,836,000. Armistice Capital LLC owned about 7.92% of Lexaria Bioscience at the end of the most recent quarter. 13.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Lexaria Bioscience in a research note on Thursday, July 18th.

View Our Latest Stock Report on LEXX

About Lexaria Bioscience

(Get Free Report)

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.

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