BlackRock Inc. Acquires New Stake in Lifecore Biomedical, Inc. $LFCR

Key Points

• BlackRock acquired 2.01 million Lifecore Biomedical shares worth approximately $10.6 million, giving it a 5.37% stake. Institutional investors collectively own 83.36% of LFCR.
• Lifecore reported quarterly revenue of $34.17 million and a loss of $0.19 per share, matching analyst expectations. Analysts forecast a full-year loss of $1.02 per share.
• LFCR shares opened at $4.40, below the consensus analyst price target of $6.50. The stock carries a consensus “Hold” rating, with analysts split among Buy, Hold, and Sell recommendations.

BlackRock Inc. purchased a new stake in shares of Lifecore Biomedical, Inc. (NASDAQ:LFCR - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 2,013,093 shares of the company's stock, valued at approximately $10,569,000. BlackRock Inc. owned 5.37% of Lifecore Biomedical as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Quarry LP acquired a new position in Lifecore Biomedical in the 3rd quarter valued at approximately $28,000. BNP Paribas Financial Markets grew its holdings in shares of Lifecore Biomedical by 92.7% during the third quarter. BNP Paribas Financial Markets now owns 5,791 shares of the company's stock worth $43,000 after purchasing an additional 2,786 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Lifecore Biomedical in the 1st quarter valued at about $64,000. State of Wyoming acquired a new stake in Lifecore Biomedical in the 2nd quarter valued at about $69,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Lifecore Biomedical in the second quarter worth about $88,000. Institutional investors own 83.36% of the company's stock.

Lifecore Biomedical Stock Performance

Shares of NASDAQ:LFCR opened at $4.40 on Friday. The business's 50 day simple moving average is $4.65 and its two-hundred day simple moving average is $5.09. Lifecore Biomedical, Inc. has a 52-week low of $3.63 and a 52-week high of $8.98. The firm has a market cap of $166.54 million, a P/E ratio of -4.11 and a beta of 1.08.

Lifecore Biomedical (NASDAQ:LFCR - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.19) EPS for the quarter, hitting analysts' consensus estimates of ($0.19). The business had revenue of $34.17 million during the quarter, compared to analysts' expectations of $34.18 million. On average, equities analysts forecast that Lifecore Biomedical, Inc. will post -1.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on LFCR shares. Weiss Ratings lowered Lifecore Biomedical from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, August 25th. Barrington Research lifted their target price on Lifecore Biomedical from $6.00 to $6.50 and gave the stock an "outperform" rating in a report on Tuesday, June 16th. Wall Street Zen raised Lifecore Biomedical from a "sell" rating to a "hold" rating in a research note on Saturday, June 6th. Finally, Zacks Research upgraded shares of Lifecore Biomedical from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Lifecore Biomedical presently has a consensus rating of "Hold" and a consensus price target of $6.50.

Lifecore Biomedical Company Profile

Lifecore Biomedical, Inc is a publicly traded specialty biopharmaceutical company headquartered in Chaska, Minnesota. The company focuses on the development, manufacture and commercialization of hyaluronic acid (HA)–based products that address medical and aesthetic needs. Lifecore’s proprietary HA formulations are designed to meet strict regulatory standards for purity, consistency and performance in highly regulated markets.

The company’s product portfolio spans multiple therapeutic areas, including ophthalmology, orthopedics, dermatology and wound care.

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