LB Pharmaceuticals (NASDAQ:LBRX) Sets New 12-Month High – Should You Buy?

LB Pharmaceuticals Inc (NASDAQ:LBRX) reached a new 52-week high during trading on Friday . The company traded as high as $26.26 and last traded at $26.2950, with a volume of 47974 shares changing hands. The stock had previously closed at $24.94.

Wall Street Analyst Weigh In

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

LB Pharmaceuticals Price Performance

The firm has a market capitalization of $669.54 million and a price-to-earnings ratio of -43.35. The company’s fifty day moving average price is $22.70.

Institutional Investors Weigh In On LB Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Deep Track Capital LP purchased a new position in shares of LB Pharmaceuticals during the third quarter valued at approximately $52,941,000. RA Capital Management L.P. acquired a new position in LB Pharmaceuticals in the third quarter worth about $28,058,000. TCG Crossover Management LLC acquired a new stake in LB Pharmaceuticals in the 3rd quarter valued at approximately $27,554,000. Commodore Capital LP bought a new stake in shares of LB Pharmaceuticals in the 3rd quarter worth $23,685,000. Finally, JPMorgan Chase & Co. bought a new stake in LB Pharmaceuticals in the third quarter worth about $16,305,000.

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.