Lifecore Biomedical (NASDAQ:LFCR) Stock Price Down 3.3% - Here's What Happened

Key Points

• Lifecore Biomedical shares fell 3.3% in midday trading, dipping as low as $4.38 before last trading at $4.43 on volume below its average daily level.
• Analyst sentiment remains weak, with recent rating changes from Weiss Ratings and Zacks skewing negative despite Barrington Research lifting its price target to $6.50 and keeping an outperform rating.
• Recent earnings disappointed: the company reported a loss of $0.43 per share versus expectations for a $0.29 loss, while revenue of $23.19 million also came in below estimates.

Lifecore Biomedical, Inc. (NASDAQ:LFCR - Get Free Report) was down 3.3% during mid-day trading on Thursday . The company traded as low as $4.38 and last traded at $4.43. 122,160 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 228,903 shares. The stock had previously closed at $4.58.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on LFCR. Weiss Ratings lowered shares of Lifecore Biomedical from a "sell (d)" rating to a "sell (d-)" rating in a report on Thursday, May 7th. Wall Street Zen upgraded Lifecore Biomedical from a "sell" rating to a "hold" rating in a research note on Saturday, June 6th. Barrington Research raised their target price on Lifecore Biomedical from $6.00 to $6.50 and gave the stock an "outperform" rating in a research note on Tuesday, June 16th. Finally, Zacks Research cut Lifecore Biomedical from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Lifecore Biomedical currently has an average rating of "Reduce" and an average target price of $6.50.

Lifecore Biomedical Stock Performance

The company has a market cap of $166.17 million, a price-to-earnings ratio of -4.71 and a beta of 1.06. The company's fifty day moving average is $5.09 and its two-hundred day moving average is $5.82.

Lifecore Biomedical (NASDAQ:LFCR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.14). The business had revenue of $23.19 million for the quarter, compared to analyst estimates of $25.96 million. On average, sell-side analysts anticipate that Lifecore Biomedical, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LFCR. Quarry LP acquired a new stake in Lifecore Biomedical during the 3rd quarter worth about $28,000. BNP Paribas Financial Markets lifted its holdings in shares of Lifecore Biomedical by 92.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,791 shares of the company's stock valued at $43,000 after buying an additional 2,786 shares during the period. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Lifecore Biomedical in the fourth quarter worth about $50,000. SG Americas Securities LLC purchased a new stake in shares of Lifecore Biomedical in the first quarter worth about $64,000. Finally, State of Wyoming acquired a new stake in Lifecore Biomedical during the second quarter worth about $69,000. 83.36% of the stock is currently owned by institutional investors and hedge funds.

About Lifecore Biomedical

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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