During the pre-market hours, on Tuesday 29 June 2021, LEXX stock soared +2.04%. At the time of this writing, the stock is currently trading at the price of $7.02. Apparently, what seems like a sudden rise in the stock value, could be the result of Life Sciences companies investor presentation. However, let’s step back and look at the bigger picture to understand the working of Lexaria bioscience corp.
During the start of this month on June 3rd, 2021, Lexaria bioscience crop. made an announcement about its study conducted to test the antiviral efficacy of both of its compounds, remdesivir, and ebastine. To put it clearly, the company announced that, both remdesivir and ebastine processed with DehydraTech were effective at inhibiting the Covid-19 SARS-Cov-2 virus using an in vitro screening assay in infected cells, in Lexaria study VIRAL-C21-3.
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Two weeks later, Lexaria biosciences, published positive results its test report on its tolerability and pharmacokinetic (“PK”) animal study VIRAL-A20-2, evaluating DehydraTech-enabled remdesivir and ebastine.
Also, On Monday 28th June 2021, life sciences companies’ investor presentations were published for public view. These presentations will be available 24/7 for 90 days on the forum. LEXX stock was among the companies who presented and interacted with its investors.
Since there is no news available other than the company’s presentation for its investors at the life sciences companies conference, it can be assumed that the stock has gained value due to its investors’ confidence and its outperformance.