Lixte Biotechnology (NASDAQ:NMAD) Stock Breaks Above 50 Day Moving Average – Here’s Why

Lixte Biotechnology Holdings, Inc. (NASDAQ:NMAD) shares crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $3.91 and traded as high as $4.18. Lixte Biotechnology shares last traded at $4.04, with a volume of 274,238 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have issued reports on NMAD shares. Weiss Ratings raised shares of Lixte Biotechnology from a “sell (e)” rating to a “sell (d)” rating in a research report on Friday, September 25th. Wall Street Zen lowered shares of Lixte Biotechnology from a “hold” rating to a “sell” rating in a research report on Saturday, August 22nd. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Lixte Biotechnology Stock Performance

The firm has a fifty day simple moving average of $3.91 and a 200 day simple moving average of $4.64. The company has a market capitalization of $65.05 million, a PE ratio of -4.04 and a beta of 1.25.

Lixte Biotechnology (NASDAQ:NMAD) last issued its earnings results on Friday, August 14th. The company reported ($0.16) earnings per share for the quarter.

Hedge Funds Weigh In On Lixte Biotechnology

Several institutional investors have recently made changes to their positions in NMAD. Equitable Holdings Inc. bought a new position in Lixte Biotechnology during the 2nd quarter worth about $74,000. FNY Investment Advisers LLC purchased a new position in Lixte Biotechnology during the 2nd quarter valued at about $330,000. BlackRock Inc. bought a new stake in shares of Lixte Biotechnology in the 2nd quarter valued at about $564,000. Finally, Legacy Wealth Managment LLC ID bought a new stake in shares of Lixte Biotechnology in the 2nd quarter valued at about $4,457,000. Hedge funds and other institutional investors own 5.10% of the company’s stock.

About Lixte Biotechnology

Lixte Biotechnology Holdings, Inc is a clinical-stage biotechnology company focused on developing novel cancer therapies. The company’s research centers on protein phosphatase 2A (PP2A), an enzyme involved in regulating cell growth, survival and response to treatment. Lixte is developing compounds intended to inhibit PP2A and potentially enhance the effectiveness of existing cancer therapies.

Lixte’s lead investigational product is LB-100, a small-molecule PP2A inhibitor being evaluated for potential use in combination with chemotherapy, radiation and other anticancer treatments.