Shares of Lipocine Inc. (NASDAQ:LPCN) were down 3.2% during mid-day trading on Wednesday . The stock traded as low as $3.30 and last traded at $3.33, with a volume of 742,180 shares changing hands. The stock had previously closed at $3.44.

Separately, Canaccord Genuity reaffirmed a “buy” rating and issued a $6.00 price objective (down previously from $15.00) on shares of Lipocine in a research report on Saturday.

The stock’s market cap is $58.43 million. The stock has a 50-day moving average of $7.33 and a 200 day moving average of $9.61.

Lipocine (NASDAQ:LPCN) last released its quarterly earnings data on Monday, May 9th. The specialty pharmaceutical company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.05. On average, equities analysts predict that Lipocine Inc. will post ($1.33) EPS for the current fiscal year.

A hedge fund recently raised its stake in Lipocine stock. Russell Frank Co increased its stake in shares of Lipocine Inc. (NASDAQ:LPCN) by 7.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 97,583 shares of the specialty pharmaceutical company’s stock after buying an additional 7,107 shares during the period. Russell Frank Co owned about 0.53% of Lipocine worth $1,265,000 at the end of the most recent quarter.

Lipocine Inc is a specialty pharmaceutical company. The Company is focused on applying its oral drug delivery technology for the development of pharmaceutical products in the area of men’s and women’s health. Its primary development programs are based on oral delivery solutions for bioavailable drugs.