LB Pharmaceuticals (NASDAQ:LBRX) Trading Up 8.2% – Time to Buy?

LB Pharmaceuticals Inc (NASDAQ:LBRX) traded up 8.2% during mid-day trading on Wednesday . The company traded as high as $38.00 and last traded at $37.7950. 95,556 shares changed hands during trading, a decline of 62% from the average session volume of 249,791 shares. The stock had previously closed at $34.94.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on LBRX shares. Roth Capital restated a “buy” rating and issued a $37.00 target price on shares of LB Pharmaceuticals in a report on Sunday, May 17th. BMO Capital Markets began coverage on LB Pharmaceuticals in a report on Monday, July 20th. They set an “outperform” rating and a $46.00 price objective for the company. Wall Street Zen raised LB Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, June 21st. Weiss Ratings upgraded LB Pharmaceuticals from a “sell (d-)” rating to a “sell (d+)” rating in a report on Friday. Finally, Wolfe Research assumed coverage on LB Pharmaceuticals in a research report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $40.43.

LB Pharmaceuticals Trading Up 6.5%

The company’s 50-day simple moving average is $30.75 and its 200 day simple moving average is $27.28. The stock has a market cap of $1.07 billion and a P/E ratio of -21.58.

LB Pharmaceuticals (NASDAQ:LBRX) last released its earnings results on Tuesday, May 12th. The company reported ($0.67) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.08. Research analysts anticipate that LB Pharmaceuticals Inc will post -3.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System purchased a new stake in shares of LB Pharmaceuticals during the 4th quarter valued at $26,000. Jane Street Group LLC grew its position in LB Pharmaceuticals by 4.6% during the fourth quarter. Jane Street Group LLC now owns 31,733 shares of the company’s stock valued at $706,000 after buying an additional 1,388 shares during the period. Russell Investments Group Ltd. bought a new position in LB Pharmaceuticals during the fourth quarter valued at about $34,000. Strs Ohio raised its position in LB Pharmaceuticals by 50.0% in the first quarter. Strs Ohio now owns 5,100 shares of the company’s stock worth $126,000 after acquiring an additional 1,700 shares during the period. Finally, Bank of America Corp DE bought a new stake in LB Pharmaceuticals in the third quarter worth about $27,000.

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.