Lexaria Bioscience Corp. (NASDAQ:LEXX) Short Interest Up 36.4% in July

Lexaria Bioscience Corp. (NASDAQ:LEXX) was the recipient of a significant increase in short interest in July. As of July 31st, there was short interest totalling 216,500 shares, an increase of 36.4% from the July 15th total of 158,700 shares. Currently, 1.5% of the company’s stock are short sold. Based on an average trading volume of 211,400 shares, the days-to-cover ratio is presently 1.0 days.

Institutional Trading of Lexaria Bioscience

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Armistice Capital LLC acquired a new stake in shares of Lexaria Bioscience in the 2nd quarter valued at about $2,836,000. Cowen AND Company LLC purchased a new stake in Lexaria Bioscience in the fourth quarter valued at approximately $320,000. Welch Group LLC acquired a new stake in shares of Lexaria Bioscience in the first quarter valued at approximately $87,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Lexaria Bioscience during the second quarter worth approximately $63,000. Institutional investors and hedge funds own 13.06% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Lexaria Bioscience in a report on Thursday, July 18th.

Lexaria Bioscience Price Performance

Shares of NASDAQ:LEXX traded down $0.06 during trading on Thursday, hitting $3.15. 120,106 shares of the company were exchanged, compared to its average volume of 315,612. The firm’s 50 day moving average price is $3.06 and its 200-day moving average price is $3.02. Lexaria Bioscience has a 12-month low of $0.84 and a 12-month high of $6.85. The stock has a market capitalization of $40.59 million, a P/E ratio of -7.16 and a beta of 0.99.

Lexaria Bioscience (NASDAQ:LEXX) last announced its quarterly earnings results on Friday, July 12th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.04). The company had revenue of $0.08 million for the quarter, compared to analysts’ expectations of $0.15 million. As a group, equities research analysts anticipate that Lexaria Bioscience will post -0.42 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.