JPMorgan Chase & Co. Invests $16.31 Million in LB Pharmaceuticals Inc $LBRX

JPMorgan Chase & Co. acquired a new stake in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,032,603 shares of the company’s stock, valued at approximately $16,305,000.

Other large investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE bought a new stake in LB Pharmaceuticals in the third quarter valued at $27,000. Federated Hermes Inc. bought a new position in shares of LB Pharmaceuticals during the third quarter worth about $142,000. Landscape Capital Management L.L.C. acquired a new stake in shares of LB Pharmaceuticals in the 3rd quarter worth about $168,000. Jefferies Financial Group Inc. bought a new stake in LB Pharmaceuticals in the 3rd quarter valued at about $207,000. Finally, Brevan Howard Capital Management LP bought a new stake in LB Pharmaceuticals in the 3rd quarter valued at about $209,000.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Roth Mkm initiated coverage on shares of LB Pharmaceuticals in a research report on Friday, January 9th. They issued a “buy” rating and a $31.00 target price for the company. Stifel Nicolaus boosted their price objective on LB Pharmaceuticals from $27.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Finally, Weiss Ratings reissued a “sell (e)” rating on shares of LB Pharmaceuticals in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $33.33.

LB Pharmaceuticals Trading Up 1.3%

Shares of NASDAQ LBRX opened at $24.53 on Friday. The company has a market capitalization of $620.61 million and a PE ratio of -40.21. The company’s 50-day moving average is $23.51. LB Pharmaceuticals Inc has a fifty-two week low of $13.36 and a fifty-two week high of $27.55.

LB Pharmaceuticals Profile

We are a clinical-stage biopharmaceutical company developing novel therapies for the treatment of schizophrenia, bipolar depression, and other neuropsychiatric diseases. We are building a pipeline that leverages the broad therapeutic potential of our lead product candidate, LB-102, which we believe has the potential to be the first benzamide antipsychotic drug approved for neuropsychiatric disorders in the United States. LB-102 is a new chemical entity and a methylated derivative of amisulpride, a second-generation antipsychotic drug approved in over 50 countries, not including the United States, because the development and regulatory requirements of the U.S.