LB Pharmaceuticals (NASDAQ:LBRX) Sets New 52-Week High After Analyst Upgrade

Shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) reached a new 52-week high on Tuesday after HC Wainwright raised their price target on the stock from $45.00 to $60.00. HC Wainwright currently has a buy rating on the stock. LB Pharmaceuticals traded as high as $50.16 and last traded at $48.95, with a volume of 13908 shares changing hands. The stock had previously closed at $48.21.

Several other equities analysts have also recently commented on the stock. Wolfe Research initiated coverage on shares of LB Pharmaceuticals in a research note on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price objective for the company. Wall Street Zen cut shares of LB Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Stifel Nicolaus set a $53.00 price target on shares of LB Pharmaceuticals in a report on Thursday, August 13th. BMO Capital Markets boosted their price target on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings cut shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, LB Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $49.62.

Institutional Investors Weigh In On LB Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of LBRX. California State Teachers Retirement System lifted its position in LB Pharmaceuticals by 50,961.3% during the second quarter. California State Teachers Retirement System now owns 531,548 shares of the company’s stock valued at $16,378,000 after purchasing an additional 530,507 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of LB Pharmaceuticals by 11.9% in the 2nd quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock worth $1,911,000 after buying an additional 6,251 shares during the last quarter. Great Lakes Advisors LLC bought a new position in shares of LB Pharmaceuticals in the 2nd quarter worth $987,000. Bank of New York Mellon Corp purchased a new stake in shares of LB Pharmaceuticals during the 2nd quarter valued at $1,784,000. Finally, Stempoint Capital LP bought a new stake in shares of LB Pharmaceuticals during the 1st quarter worth $1,233,000.

LB Pharmaceuticals Trading Up 1.6%

The business’s fifty day moving average price is $37.31 and its 200-day moving average price is $30.52. The company has a market capitalization of $1.58 billion and a P/E ratio of -14.24.

LB Pharmaceuticals (NASDAQ:LBRX) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87). As a group, equities research analysts forecast that LB Pharmaceuticals Inc will post -4.67 EPS for the current year.

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.