Lixte Biotechnology (NASDAQ:NMAD) Shares Down 1.4% - Here's What Happened

Key Points

• Lixte Biotechnology shares fell 1.4% to $3.58 in midday trading, with volume slightly below the stock’s average daily activity.
• Analyst sentiment remains negative: Wall Street Zen downgraded the stock to “sell,” Weiss Ratings lowered its sell rating, and MarketBeat reports an overall “Sell” consensus.
• The company reported a quarterly loss of $0.16 per share; institutional investors own 5.1% of the stock, while Lixte continues developing LB-100, a PP2A inhibitor intended to enhance cancer treatments.

Lixte Biotechnology Holdings, Inc. (NASDAQ:NMAD - Get Free Report) shares dropped 1.4% on Friday. The stock traded as low as $3.56 and last traded at $3.58. 194,756 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 215,956 shares. The stock had previously closed at $3.63.

Analysts Set New Price Targets

NMAD has been the topic of several research analyst reports. Wall Street Zen cut shares of Lixte Biotechnology from a "hold" rating to a "sell" rating in a research report on Saturday, August 22nd. Weiss Ratings lowered Lixte Biotechnology from a "sell (e+)" rating to a "sell (e)" rating in a report on Friday, August 14th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of "Sell".

Lixte Biotechnology Trading Down 1.4%

The company has a 50-day moving average of $5.33 and a 200-day moving average of $5.19. The firm has a market capitalization of $57.64 million, a price-to-earnings ratio of -3.58 and a beta of 1.30.

Lixte Biotechnology (NASDAQ:NMAD - Get Free Report) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.16) EPS for the quarter.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Equitable Holdings Inc. bought a new position in Lixte Biotechnology in the second quarter worth about $74,000. Axxcess Wealth Management LLC bought a new position in shares of Lixte Biotechnology during the fourth quarter valued at approximately $54,000. FNY Investment Advisers LLC acquired a new stake in shares of Lixte Biotechnology during the 2nd quarter worth approximately $330,000. BlackRock Inc. acquired a new stake in shares of Lixte Biotechnology during the 2nd quarter worth approximately $564,000. Finally, Legacy Wealth Managment LLC ID bought a new stake in shares of Lixte Biotechnology in the 2nd quarter worth approximately $4,457,000. 5.10% of the stock is owned by institutional investors and hedge funds.

About Lixte Biotechnology

Lixte Biotechnology Holdings, Inc is a clinical-stage biotechnology company focused on developing cancer therapies that target protein phosphatase 2A (PP2A), an enzyme involved in regulating cell growth, survival and response to treatment. The company's research is based on the premise that inhibiting PP2A may help make cancer cells more vulnerable to existing therapies.

Lixte's lead investigational compound is LB-100, a small-molecule PP2A inhibitor being evaluated in combination with other cancer treatments.

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