LB Pharmaceuticals (NASDAQ:LBRX) Stock Bumped Down to “Strong Sell” by Wall Street Zen

Wall Street Zen downgraded shares of LB Pharmaceuticals (NASDAQ:LBRX) from a sell rating to a strong sell rating in a research note issued to investors on Saturday,Wall Street Zen reports.

Several other analysts also recently issued reports on LBRX. Needham & Company LLC assumed coverage on shares of LB Pharmaceuticals in a report on Friday. They issued a “buy” rating and a $68.00 price target on the stock. Stifel Nicolaus set a $53.00 price objective on LB Pharmaceuticals in a research report on Thursday, August 13th. HC Wainwright upped their target price on LB Pharmaceuticals from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, August 24th. Piper Sandler reiterated an “overweight” rating and set a $78.00 target price on shares of LB Pharmaceuticals in a report on Monday, August 3rd. Finally, BMO Capital Markets raised their price target on LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.67.

LB Pharmaceuticals Stock Down 0.8%

NASDAQ:LBRX opened at $36.99 on Friday. LB Pharmaceuticals has a 52-week low of $14.32 and a 52-week high of $50.16. The stock has a fifty day simple moving average of $44.16 and a 200-day simple moving average of $34.50. The company has a market capitalization of $1.19 billion and a PE ratio of -10.75.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($1.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87). As a group, equities analysts anticipate that LB Pharmaceuticals will post -5.78 earnings per share for the current year.

Hedge Funds Weigh In On LB Pharmaceuticals

A number of institutional investors have recently modified their holdings of LBRX. Strs Ohio lifted its position in LB Pharmaceuticals by 50.0% during the first quarter. Strs Ohio now owns 5,100 shares of the company’s stock worth $126,000 after buying an additional 1,700 shares during the period. Bank of New York Mellon Corp boosted its stake in LB Pharmaceuticals by 12.2% in the 1st quarter. Bank of New York Mellon Corp now owns 45,457 shares of the company’s stock worth $1,121,000 after buying an additional 4,940 shares during the last quarter. Wellington Management Group LLP grew its holdings in LB Pharmaceuticals by 11.9% in the 2nd quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock valued at $1,911,000 after buying an additional 6,251 shares during the period. Meyer Handelman Co. acquired a new position in shares of LB Pharmaceuticals during the 1st quarter valued at about $372,000. Finally, Calamos Advisors LLC acquired a new position in shares of LB Pharmaceuticals during the 1st quarter valued at about $593,000.

LB Pharmaceuticals Company Profile

LB Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system and neuropsychiatric disorders. The company’s lead product candidate is LB-102, an oral prodrug of amisulpride, an established antipsychotic medicine that is approved in certain countries outside the United States but is not currently approved in the U.S.

LB-102 is being developed for the treatment of schizophrenia, with the company seeking to evaluate its potential to address the needs of patients and healthcare providers in the U.S.