HC Wainwright Reiterates Buy Rating for Lexaria Bioscience (NASDAQ:LEXX)

Lexaria Bioscience (NASDAQ:LEXX)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a report issued on Monday,Benzinga reports. They presently have a $10.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 270.37% from the company’s current price.

Lexaria Bioscience Stock Performance

Shares of LEXX stock opened at $2.70 on Monday. The company has a market capitalization of $47.12 million, a price-to-earnings ratio of -5.74 and a beta of 0.99. Lexaria Bioscience has a one year low of $1.20 and a one year high of $6.85. The company’s 50-day moving average is $2.58 and its 200 day moving average is $2.97.

Insider Activity at Lexaria Bioscience

In other Lexaria Bioscience news, CEO Richard Christopher acquired 22,828 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were bought at an average cost of $2.24 per share, with a total value of $51,134.72. Following the completion of the transaction, the chief executive officer now directly owns 22,828 shares of the company’s stock, valued at approximately $51,134.72. This represents a ∞ increase in their position. The purchase 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 insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of LEXX. XTX Topco Ltd increased its stake in shares of Lexaria Bioscience by 47.8% in 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 in the last quarter. HighTower Advisors LLC bought a new position in Lexaria Bioscience in the 3rd quarter worth approximately $40,000. Renaissance Technologies LLC bought a new position in Lexaria Bioscience in the 2nd quarter worth approximately $63,000. Geode Capital Management LLC grew its holdings in Lexaria Bioscience by 31.0% during the 3rd quarter. Geode Capital Management LLC now owns 150,391 shares of the company’s stock valued at $459,000 after buying an additional 35,608 shares in the last quarter. Finally, Armistice Capital LLC purchased a new position in shares of Lexaria Bioscience during the second quarter valued at about $2,836,000. Hedge funds and other institutional investors own 13.06% of the company’s stock.

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.