LB Pharmaceuticals (NASDAQ:LBRX) Stock Price Up 4.7% – What’s Next?

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price shot up 4.7% during mid-day trading on Wednesday. The stock traded as high as $35.43 and last traded at $35.87. 51,323 shares changed hands during trading, a decline of 82% from the average session volume of 277,922 shares. The stock had previously closed at $34.26.

Analyst Upgrades and Downgrades

Several research firms have weighed in on LBRX. Stifel Nicolaus set a $53.00 target price on shares of LB Pharmaceuticals in a report on Thursday, August 13th. Guggenheim initiated coverage on shares of LB Pharmaceuticals in a research note on Tuesday. They set a “buy” rating and a $80.00 price objective for the company. 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. Needham & Company LLC began coverage on LB Pharmaceuticals in a report on Friday, October 2nd. They set a “buy” rating and a $68.00 target price on the stock. Finally, Wolfe Research began coverage on LB Pharmaceuticals in a research report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price target for the company. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $56.56.

LB Pharmaceuticals Trading Up 1.3%

The business has a 50 day simple moving average of $43.92 and a two-hundred day simple moving average of $34.85. The company has a market cap of $1.12 billion and a PE ratio of -10.06.

LB Pharmaceuticals (NASDAQ:LBRX) last released its earnings results on Tuesday, August 11th. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.87). On average, equities research analysts expect that LB Pharmaceuticals Inc will post -5.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On LB Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Spruce Street Capital LP purchased a new position in shares of LB Pharmaceuticals in the 4th quarter worth about $22,384,000. Eversept Partners LP acquired a new stake in LB Pharmaceuticals during the 1st quarter worth approximately $2,471,000. Janus Henderson Group PLC purchased a new position in LB Pharmaceuticals in the first quarter valued at approximately $1,613,000. Bank of New York Mellon Corp acquired a new position in LB Pharmaceuticals during the second quarter valued at approximately $1,784,000. Finally, Stempoint Capital LP purchased a new stake in LB Pharmaceuticals during the first quarter worth approximately $1,233,000.

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.