Lexeo Therapeutics, Inc. (NASDAQ:LXEO) Short Interest Up 16.9% in August

Lexeo Therapeutics, Inc. (NASDAQ:LXEO) was the recipient of a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 1,940,000 shares, an increase of 16.9% from the July 31st total of 1,660,000 shares. Approximately 8.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 301,400 shares, the days-to-cover ratio is presently 6.4 days.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Chardan Capital restated a “buy” rating and issued a $23.00 price objective on shares of Lexeo Therapeutics in a research note on Wednesday, August 14th. HC Wainwright cut their target price on shares of Lexeo Therapeutics from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Robert W. Baird initiated coverage on shares of Lexeo Therapeutics in a report on Thursday, June 13th. They set an “outperform” rating and a $28.00 price objective on the stock. Baird R W raised Lexeo Therapeutics to a “strong-buy” rating in a report on Thursday, June 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $24.00 price target on shares of Lexeo Therapeutics in a research note on Tuesday, August 13th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $22.14.

Lexeo Therapeutics Price Performance

Shares of LXEO stock traded down $0.11 during trading hours on Friday, hitting $11.51. 142,018 shares of the company’s stock were exchanged, compared to its average volume of 205,844. The stock’s 50-day moving average is $13.15 and its 200-day moving average is $14.18. The company has a debt-to-equity ratio of 0.01, a current ratio of 9.38 and a quick ratio of 9.38. Lexeo Therapeutics has a 52 week low of $9.00 and a 52 week high of $22.33. The stock has a market cap of $380.52 million and a price-to-earnings ratio of -0.52.

Lexeo Therapeutics (NASDAQ:LXEO) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.64) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.64). As a group, research analysts forecast that Lexeo Therapeutics will post -2.74 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Richard Nolan Townsend sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $11.53, for a total transaction of $57,650.00. Following the transaction, the chief executive officer now directly owns 120,695 shares of the company’s stock, valued at $1,391,613.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lexeo Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new position in Lexeo Therapeutics during the first quarter worth about $75,000. American International Group Inc. acquired a new stake in Lexeo Therapeutics during the 1st quarter worth approximately $79,000. Rhumbline Advisers raised its holdings in Lexeo Therapeutics by 37.3% during the 2nd quarter. Rhumbline Advisers now owns 13,357 shares of the company’s stock worth $214,000 after buying an additional 3,627 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Lexeo Therapeutics by 12.3% in the second quarter. Bank of New York Mellon Corp now owns 31,806 shares of the company’s stock valued at $510,000 after buying an additional 3,483 shares during the period. Finally, Cornell University bought a new stake in shares of Lexeo Therapeutics during the first quarter worth $1,980,000. Institutional investors own 60.67% of the company’s stock.

Lexeo Therapeutics Company Profile

Lexeo Therapeutics, Inc operates as a clinical stage genetic medicine company that focuses on hereditary and acquired diseases. The company develops LX2006, which is an AAVrh10-based gene therapy candidate for the treatment of Friedreich's ataxia (FA) cardiomyopathy; LX2020, an AAVrh10-based gene therapy candidate for the treatment of plakophilin-2 arrhythmogenic cardiomyopathy; LX2021, a gene therapy candidate for the treatment of DSP cardiomyopathy associated with it; and LX2022, a gene therapy candidate for the treatment of hypertrophic cardiomyopathy, or HCM caused by TNNI3 gene.