LB Pharmaceuticals (NASDAQ:LBRX) Issues Earnings Results

LB Pharmaceuticals (NASDAQ:LBRX) announced its earnings results on Tuesday. The company reported ($0.67) earnings per share for the quarter, FiscalAI reports.

LB Pharmaceuticals Stock Performance

Shares of NASDAQ LBRX traded down $1.56 during trading hours on Tuesday, hitting $31.13. 89,004 shares of the stock were exchanged, compared to its average volume of 237,512. The company has a market cap of $892.81 million and a PE ratio of -29.37. The company’s fifty day simple moving average is $26.91 and its two-hundred day simple moving average is $22.41. LB Pharmaceuticals has a 1-year low of $13.36 and a 1-year high of $33.47.

Institutional Trading of LB Pharmaceuticals

Large investors have recently made changes to their positions in the company. Boxer Capital Management LLC bought a new position in shares of LB Pharmaceuticals during the third quarter valued at $1,105,000. JPMorgan Chase & Co. acquired a new position in shares of LB Pharmaceuticals during the third quarter valued at about $16,305,000. Nan Fung Group Holdings Ltd acquired a new position in shares of LB Pharmaceuticals during the third quarter valued at about $4,737,000. Commodore Capital LP acquired a new position in shares of LB Pharmaceuticals during the third quarter valued at about $23,685,000. Finally, Integral Health Asset Management LLC purchased a new position in LB Pharmaceuticals during the third quarter worth about $1,579,000.

Wall Street Analysts Forecast Growth

LBRX has been the topic of several analyst reports. HC Wainwright assumed coverage on shares of LB Pharmaceuticals in a research report on Monday, April 27th. They set a “buy” rating and a $45.00 price target on the stock. Craig Hallum assumed coverage on shares of LB Pharmaceuticals in a research note on Friday, April 10th. They issued a “buy” rating and a $36.00 price target on the stock. Finally, Stifel Nicolaus upped their price target on shares of LB Pharmaceuticals from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, March 27th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.20.

About LB Pharmaceuticals

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.