Lifecore Biomedical (NASDAQ:LFCR) Stock Keeps Market Perform Rating at Barrington Research

Lifecore Biomedical (NASDAQ:LFCR)‘s stock had its “market perform” rating restated by Barrington Research in a research report issued on Tuesday, Benzinga reports.

LFCR has been the topic of several other reports. Weiss Ratings upgraded shares of Lifecore Biomedical from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 9th. Wall Street Zen raised shares of Lifecore Biomedical from a “sell” rating to a “hold” rating in a research report on Saturday, June 6th. Zacks Research raised shares of Lifecore Biomedical from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Finally, William Blair lowered Lifecore Biomedical from an “outperform” rating to a “hold” rating in a report on Monday. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $6.50.

Lifecore Biomedical Stock Performance

Shares of NASDAQ:LFCR traded up $0.01 during midday trading on Tuesday, reaching $6.53. 346,905 shares of the company’s stock traded hands, compared to its average volume of 240,770. The company has a market cap of $246.97 million, a price-to-earnings ratio of -6.10 and a beta of 1.08. The stock has a 50 day moving average of $4.50 and a 200 day moving average of $4.77. Lifecore Biomedical has a one year low of $3.63 and a one year high of $8.98.

Lifecore Biomedical (NASDAQ:LFCR) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.19). The company had revenue of $34.17 million for the quarter, compared to analysts’ expectations of $34.18 million. Sell-side analysts predict that Lifecore Biomedical will post -1.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Lifecore Biomedical

Hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Lifecore Biomedical during the 2nd quarter worth approximately $10,569,000. DCF Advisers LLC acquired a new stake in shares of Lifecore Biomedical in the second quarter valued at $2,229,000. Tocqueville Asset Management L.P. purchased a new stake in shares of Lifecore Biomedical in the 2nd quarter valued at $796,000. Squarepoint Ops LLC boosted its holdings in Lifecore Biomedical by 76.8% during the 2nd quarter. Squarepoint Ops LLC now owns 92,674 shares of the company’s stock valued at $487,000 after acquiring an additional 40,270 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in Lifecore Biomedical in the 2nd quarter valued at about $462,000. 83.36% of the stock is currently owned by hedge funds and other institutional investors.

Lifecore Biomedical News Roundup

Here are the key news stories impacting Lifecore Biomedical this week:

• Positive Sentiment: Webster Equity Partners agreed to acquire Lifecore for $6.28 per share in cash, representing a 49.5% premium, plus one non-tradable contingent value right (CVR) per share. The CVRs could provide up to $160 million in additional aggregate payments, or as much as $9.67 per common-equivalent share if performance milestones are achieved. The deal, valued at up to approximately $663.7 million, provides a clear near-term transaction catalyst and helped support the stock’s advance. Lifecore Biomedical to Be Acquired by Webster Equity Partners
• Neutral Sentiment: William Blair downgraded Lifecore Biomedical from “Outperform” to “Market Perform.” The change suggests the acquisition announcement has reduced the expected near-term upside in the standalone shares, while the stock is now largely tied to the $6.28 cash consideration, deal completion and the uncertain value of the CVRs. William Blair Downgrades Lifecore Biomedical to Market Perform
• Negative Sentiment: Several shareholder-rights law firms, including Brodsky & Smith, Ademi and Halper Sadeh, announced investigations into whether Lifecore’s board obtained a fair price, conducted an adequate sale process and properly protected investors. The inquiries could create legal costs, delay or pressure around the transaction, although they do not themselves indicate that the deal will be terminated. Brodsky and Smith Lifecore Investigation

Lifecore Biomedical Company Profile

Lifecore Biomedical, Inc is a contract development and manufacturing organization (CDMO) that provides services to pharmaceutical, biotechnology and medical device companies. The company specializes in complex sterile injectable products and supports customers through product development, process development, manufacturing, aseptic filling, packaging and related regulatory services.

Lifecore’s capabilities include the production of injectable products using fermentation and other specialized manufacturing processes.