LB Pharmaceuticals (NASDAQ:LBRX) Issues Earnings Results

LB Pharmaceuticals (NASDAQ:LBRX) issued its earnings results on Thursday. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.04), Zacks reports.

LB Pharmaceuticals Trading Down 1.0%

LBRX stock traded down $0.16 during midday trading on Friday, hitting $15.35. 151,400 shares of the company’s stock were exchanged, compared to its average volume of 97,845. LB Pharmaceuticals has a one year low of $13.36 and a one year high of $20.25.

Insider Activity at LB Pharmaceuticals

In other LB Pharmaceuticals news, Director Ran Nussbaum purchased 1,000,000 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were bought at an average price of $15.00 per share, with a total value of $15,000,000.00. Following the completion of the transaction, the director directly owned 1,411,681 shares in the company, valued at $21,175,215. This trade represents a 242.91% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

LBRX has been the topic of several analyst reports. Piper Sandler started coverage on shares of LB Pharmaceuticals in a report on Monday, October 6th. They issued an “overweight” rating on the stock. Leerink Partners assumed coverage on LB Pharmaceuticals in a research note on Monday, October 6th. They issued an “outperform” rating and a $34.00 price target on the stock. Stifel Nicolaus initiated coverage on LB Pharmaceuticals in a research note on Monday, October 6th. They set a “buy” rating and a $27.00 price objective for the company. Leerink Partnrs upgraded LB Pharmaceuticals to a “strong-buy” rating in a report on Monday, October 6th. Finally, Wall Street Zen upgraded LB Pharmaceuticals to a “hold” rating in a report on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $30.50.

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.