LB Pharmaceuticals (NASDAQ:LBRX) Trading Down 6.1% – Here’s What Happened

LB Pharmaceuticals Inc (NASDAQ:LBRX) shares dropped 6.1% on Tuesday . The company traded as low as $25.32 and last traded at $25.3020. Approximately 118,780 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 231,836 shares. The stock had previously closed at $26.94.

Analyst Upgrades and Downgrades

LBRX has been the topic of a number of research analyst reports. 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 target on the stock. Weiss Ratings restated a “sell (e)” rating on shares of LB Pharmaceuticals in a research note on Monday, December 29th. Finally, Stifel Nicolaus increased their price target on LB Pharmaceuticals from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, March 27th. One investment 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 assigned a Sell rating to the company. According to MarketBeat, LB Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

LB Pharmaceuticals Stock Performance

The stock’s fifty day simple moving average is $23.95 and its 200-day simple moving average is $20.14. The stock has a market cap of $730.22 million and a P/E ratio of -24.03.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its earnings results on Thursday, March 26th. The company reported ($0.45) EPS for the quarter, hitting the consensus estimate of ($0.45).

Institutional Investors Weigh In On LB Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System acquired a new stake in shares of LB Pharmaceuticals in the fourth quarter valued at approximately $26,000. Bank of America Corp DE bought a new position in shares of LB Pharmaceuticals in the third quarter worth $27,000. Russell Investments Group Ltd. bought a new position in shares of LB Pharmaceuticals in the fourth quarter worth $34,000. Strs Ohio bought a new position in shares of LB Pharmaceuticals in the fourth quarter worth $76,000. Finally, Persistent Asset Partners Ltd bought a new position in shares of LB Pharmaceuticals in the fourth quarter worth $91,000.

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.