LB Pharmaceuticals (NASDAQ:LBRX) Sets New 52-Week High – Still a Buy?

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $25.39 and last traded at $25.15, with a volume of 26798 shares changing hands. The stock had previously closed at $24.01.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on LBRX. Weiss Ratings reissued a “sell (e)” rating on shares of LB Pharmaceuticals in a report on Monday, December 29th. Stifel Nicolaus upped their target price on LB Pharmaceuticals from $27.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, Roth Mkm initiated coverage on LB Pharmaceuticals in a research report on Friday, January 9th. They set a “buy” rating and a $31.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $33.33.

LB Pharmaceuticals Price Performance

The company has a market cap of $606.69 million and a PE ratio of -39.31. The firm has a 50 day simple moving average of $22.15.

Hedge Funds Weigh In On LB Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Jennison Associates LLC increased its stake in LB Pharmaceuticals by 11.2% in the 4th quarter. Jennison Associates LLC now owns 821,852 shares of the company’s stock worth $18,294,000 after acquiring an additional 82,812 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of LB Pharmaceuticals in the 4th quarter worth $143,000. JPMorgan Chase & Co. purchased a new position in shares of LB Pharmaceuticals in the 3rd quarter worth $16,305,000. Hudson Bay Capital Management LP bought a new stake in shares of LB Pharmaceuticals in the 3rd quarter worth about $428,000. Finally, Commodore Capital LP purchased a new stake in shares of LB Pharmaceuticals during the 3rd quarter valued at about $23,685,000.

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.