LB Pharmaceuticals (NASDAQ:LBRX) Trading Down 5.5% – Here’s What Happened

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price dropped 5.5% on Friday . The company traded as low as $20.13 and last traded at $20.21. Approximately 76,265 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 244,108 shares. The stock had previously closed at $21.38.

Analysts Set New Price Targets

A number of equities analysts have weighed in on LBRX shares. Leerink Partnrs raised shares of LB Pharmaceuticals to a “strong-buy” rating in a research note on Monday, October 6th. Weiss Ratings reiterated a “sell (e)” rating on shares of LB Pharmaceuticals in a research note on Monday, December 29th. Stifel Nicolaus increased their target price on LB Pharmaceuticals from $27.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Roth Capital assumed coverage on LB Pharmaceuticals in a research report on Friday, January 9th. They issued a “buy” rating and a $31.00 price target for the company. Finally, Zacks Research raised shares of LB Pharmaceuticals to a “hold” rating in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, LB Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $33.33.

LB Pharmaceuticals Price Performance

The stock has a 50-day moving average price of $19.15. The stock has a market capitalization of $505.24 million and a price-to-earnings ratio of -32.74.

LB Pharmaceuticals (NASDAQ:LBRX) last posted its quarterly earnings data 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 Inflows and Outflows

A number of large investors have recently made changes to their positions in LBRX. SG Americas Securities LLC purchased a new stake in LB Pharmaceuticals in the 4th quarter worth approximately $143,000. JPMorgan Chase & Co. bought a new position in shares of LB Pharmaceuticals in the third quarter worth approximately $16,305,000. Hudson Bay Capital Management LP bought a new position in shares of LB Pharmaceuticals in the third quarter worth approximately $428,000. TCG Crossover Management LLC bought a new stake in shares of LB Pharmaceuticals during the 3rd quarter valued at $27,554,000. Finally, Alyeska Investment Group L.P. purchased a new position in shares of LB Pharmaceuticals during the 3rd quarter valued at $10,658,000.

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.