Lexaria Bioscience Corp. (NASDAQ:LEXX) CEO Christopher Richard has recently acquired a significant number of shares in the company, according to a recent filing with the Securities and Exchange Commission. Richard purchased a total of 50,000 common shares over two days, with transactions occurring on December 2 and December 3, 2024. The shares were bought at prices ranging from $2.2436 to $2.4722 per share, amounting to a total value of $118,391. The purchase comes as the $42 million market cap company has seen its stock decline over 42% in the past six months, though InvestingPro data shows analyst price targets ranging from $8 to $12.
This acquisition increases Richard's direct ownership of Lexaria Bioscience shares, reflecting his continued confidence in the company's prospects. As of the latest transactions, Richard holds a total of 50,000 common shares directly. Additionally, Richard holds stock options for 200,000 shares, with a portion scheduled to vest starting February 28, 2025. The company maintains strong financial health with a current ratio of 7.18, and InvestingPro analysis reveals 7 additional key insights about the company's financial position and growth prospects.
In other recent news, Lexaria Bioscience has reported notable financial results for fiscal year 2024, including revenue of $0.5 million and a net loss of $5.8 million. The company also closed a registered direct offering, issuing 1.6 million shares and generating gross proceeds of $5 million. Analysts from H.C. Wainwright have maintained a Buy rating for the company, further emphasizing the company's strong financial position.
In the realm of research and development, Lexaria Bioscience has completed dosing in its human pilot study of DehydraTECH-processed tirzepatide and yielded positive results from its WEIGHT-A24-1 diabetes animal study. The company also launched a new study to track the biodistribution of DehydraTECH-enabled semaglutide molecules in rodents.
In terms of corporate developments, Lexaria Bioscience has announced a combined Annual and Special Meeting of Shareholders, following a recent private placement of share purchase warrants. Additionally, the company has entered a Material Transfer Agreement with PharmaCO for pre-clinical trials of DehydraTECH.
These are recent developments that highlight Lexaria Bioscience's commitment to advancing its research, maintaining strong financial health, and engaging with its shareholders.
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