Lifecore Biomedical (NASDAQ:LFCR) Shares Down 2.5% - Here's What Happened

Shares of Lifecore Biomedical, Inc. (NASDAQ:LFCR - Get Free Report) fell 2.5% during mid-day trading on Friday . The company traded as low as $7.48 and last traded at $7.49. 118,062 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 228,884 shares. The stock had previously closed at $7.68.

Wall Street Analysts Forecast Growth

Separately, William Blair assumed coverage on Lifecore Biomedical in a report on Wednesday, May 21st. They issued an "outperform" rating on the stock.

Lifecore Biomedical Stock Down 0.3%

The stock has a market capitalization of $275.50 million, a price-to-earnings ratio of -5.13 and a beta of 0.71. The business has a fifty day moving average of $7.29 and a 200 day moving average of $6.62. The company has a debt-to-equity ratio of 66.36, a current ratio of 2.71 and a quick ratio of 1.59.

Insider Activity

In other news, major shareholder Aron R. English sold 150,419 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $7.12, for a total value of $1,070,983.28. Following the sale, the insider directly owned 264,180 shares in the company, valued at approximately $1,880,961.60. This trade represents a 36.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 1,485,182 shares of company stock valued at $9,824,031 in the last 90 days. 32.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lifecore Biomedical

Several large investors have recently bought and sold shares of LFCR. Legion Partners Asset Management LLC grew its holdings in shares of Lifecore Biomedical by 49.3% during the fourth quarter. Legion Partners Asset Management LLC now owns 4,431,823 shares of the company's stock worth $32,928,000 after purchasing an additional 1,463,414 shares during the last quarter. Greenhaven Road Investment Management L.P. grew its holdings in shares of Lifecore Biomedical by 62.2% during the fourth quarter. Greenhaven Road Investment Management L.P. now owns 3,616,146 shares of the company's stock worth $26,868,000 after buying an additional 1,387,362 shares during the last quarter. 325 Capital LLC grew its holdings in shares of Lifecore Biomedical by 57.9% during the fourth quarter. 325 Capital LLC now owns 2,162,466 shares of the company's stock worth $16,067,000 after buying an additional 792,681 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Lifecore Biomedical by 14.7% during the fourth quarter. Geode Capital Management LLC now owns 685,746 shares of the company's stock worth $5,097,000 after buying an additional 88,061 shares during the last quarter. Finally, Invesco Ltd. purchased a new position in shares of Lifecore Biomedical during the fourth quarter worth about $4,128,000. Hedge funds and other institutional investors own 83.36% of the company's stock.

About Lifecore Biomedical

Lifecore Biomedical, Inc, together with its subsidiaries, operates as an integrated contract development and manufacturing organization in the United States and internationally. The company engages in the manufacturing of pharmaceutical-grade sodium hyaluronate (HA) in bulk form, as well as formulated and filled syringes and vials for injectable products used in treating a range of medical conditions and procedures.