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

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $24.55 and last traded at $23.94, with a volume of 69929 shares. The stock had previously closed at $21.17.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Weiss Ratings reissued a “sell (e)” rating on shares of LB Pharmaceuticals in a report on Monday, December 29th. Stifel Nicolaus boosted their target price 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, Roth Mkm began coverage on shares of LB Pharmaceuticals in a report on Friday, January 9th. They set a “buy” rating and a $31.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.33.

LB Pharmaceuticals Price Performance

The firm has a market cap of $602.65 million and a price-to-earnings ratio of -39.05. The company’s 50-day moving average is $21.04.

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

Institutional Trading of LB Pharmaceuticals

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

LB Pharmaceuticals Company Profile

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.