LB Pharmaceuticals (NASDAQ:LBRX) Issues Quarterly Earnings Results

by · The Markets Daily

LB Pharmaceuticals (NASDAQ:LBRX – Get Free Report) announced its quarterly earnings data on Thursday. The company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.61) by ($0.18), FiscalAI reports.

LB Pharmaceuticals Trading Down 5.5%

LBRX traded down $2.25 on Friday, reaching $38.59. The stock had a trading volume of 17,679 shares, compared to its average volume of 292,315. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of -11.25 and a beta of 0.82. LB Pharmaceuticals has a fifty-two week low of $14.32 and a fifty-two week high of $50.16. The firm has a 50-day moving average of $40.69 and a 200-day moving average of $32.84.

Institutional Trading of LB Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Spruce Street Capital LP boosted its position in LB Pharmaceuticals by 36.9% during the 1st quarter. Spruce Street Capital LP now owns 1,376,159 shares of the company’s stock worth $33,645,000 after buying an additional 370,566 shares during the period. Candriam S.C.A. acquired a new position in LB Pharmaceuticals in the 3rd quarter valued at approximately $10,949,000. Eversept Partners LP acquired a new position in LB Pharmaceuticals in the 1st quarter valued at approximately $2,471,000. Wellington Management Group LLP raised its stake in shares of LB Pharmaceuticals by 11.9% during the second quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock valued at $1,911,000 after acquiring an additional 6,251 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of LB Pharmaceuticals during the second quarter valued at $1,784,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Stifel Nicolaus set a $53.00 target price on LB Pharmaceuticals in a report on Thursday, August 13th. Piper Sandler reissued an “overweight” rating and set a $78.00 price target on shares of LB Pharmaceuticals in a report on Monday, August 3rd. Wall Street Zen upgraded LB Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 31st. BMO Capital Markets raised their price objective on LB Pharmaceuticals from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Finally, Raymond James Financial upgraded LB Pharmaceuticals to a “buy” rating in a research report on Monday, October 12th. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, LB Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.40.

View Our Latest Stock Analysis on LBRX

LB Pharmaceuticals Company Profile

(Get Free Report)

LB Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neuropsychiatric disorders. The company’s lead product candidate, LB-102, is an investigational oral therapy being developed for schizophrenia and potentially other conditions involving serious disturbances in mood, thought and behavior.

LB-102 is designed as a prodrug of amisulpride, an antipsychotic compound that has been approved in certain markets outside the United States but is not approved by the U.S.

Featured Stories