LB Pharmaceuticals (NASDAQ:LBRX) Hits New 52-Week High – Here’s What Happened

LB Pharmaceuticals Inc (NASDAQ:LBRX) shares hit a new 52-week high on Thursday . The company traded as high as $23.73 and last traded at $23.25, with a volume of 96854 shares changing hands. The stock had previously closed at $21.72.

Analyst Upgrades and Downgrades

A number of analysts have commented on LBRX shares. Roth Mkm started coverage on LB Pharmaceuticals in a research report on Friday, January 9th. They set a “buy” rating and a $31.00 price target for the company. Zacks Research raised LB Pharmaceuticals to a “hold” rating in a report on Tuesday, October 7th. Weiss Ratings reiterated a “sell (e)” rating on shares of LB Pharmaceuticals in a report on Monday, December 29th. Stifel Nicolaus lifted their price objective on shares of LB Pharmaceuticals from $27.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Leerink Partners initiated coverage on shares of LB Pharmaceuticals in a report on Monday, October 6th. They issued an “outperform” rating and a $34.00 price objective on the stock. One investment 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 issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $33.33.

LB Pharmaceuticals Stock Up 8.6%

The business’s fifty day simple moving average is $19.50. The company has a market capitalization of $596.57 million and a price-to-earnings ratio of -38.66.

LB Pharmaceuticals (NASDAQ:LBRX) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.04).

Institutional Trading of LB Pharmaceuticals

A number of institutional investors have recently made changes to their positions in LBRX. Deep Track Capital LP purchased a new stake in shares of LB Pharmaceuticals during the third quarter worth approximately $52,941,000. RA Capital Management L.P. purchased a new stake in shares of LB Pharmaceuticals during the third quarter worth $28,058,000. TCG Crossover Management LLC purchased a new stake in shares of LB Pharmaceuticals during the third quarter worth $27,554,000. Commodore Capital LP acquired a new stake in shares of LB Pharmaceuticals in the third quarter valued at about $23,685,000. Finally, JPMorgan Chase & Co. purchased a new position in shares of LB Pharmaceuticals in the third quarter worth about $16,305,000.

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.