LB Pharmaceuticals (NASDAQ:LBRX) Hits New 1-Year High – Here’s What Happened

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $26.26 and last traded at $26.2950, with a volume of 47974 shares trading hands. The stock had previously closed at $24.94.

Analysts Set New Price Targets

Several analysts have recently commented on LBRX shares. Roth Mkm began coverage on 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 upped their price objective on LB Pharmaceuticals from $27.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, Weiss Ratings reaffirmed a “sell (e)” rating on shares of LB Pharmaceuticals in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, LB Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $33.33.

LB Pharmaceuticals Stock Up 6.1%

The stock has a 50 day moving average price of $22.70. The stock has a market cap of $669.54 million and a PE ratio of -43.35.

Hedge Funds Weigh In On LB Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Federated Hermes Inc. purchased a new stake in LB Pharmaceuticals in the third quarter worth $142,000. JPMorgan Chase & Co. bought a new stake in shares of LB Pharmaceuticals in the 3rd quarter valued at approximately $16,305,000. TD Asset Management Inc bought a new position in LB Pharmaceuticals in the 3rd quarter valued at $581,000. Monashee Investment Management LLC purchased a new stake in shares of LB Pharmaceuticals during the third quarter valued at $632,000. Finally, Jefferies Financial Group Inc. purchased a new stake in LB Pharmaceuticals in the third quarter worth about $207,000.

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.