LB Pharmaceuticals (NASDAQ:LBRX) Hits New 1-Year High – Here’s What Happened

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price reached a new 52-week high on Monday . The stock traded as high as $33.47 and last traded at $32.93, with a volume of 13624 shares trading hands. The stock had previously closed at $31.97.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Stifel Nicolaus upped their price target on shares of LB Pharmaceuticals from $35.00 to $40.00 and gave the company a “buy” rating in a report on Friday, March 27th. Craig Hallum began coverage on shares of LB Pharmaceuticals in a research note on Friday, April 10th. They set a “buy” rating and a $36.00 price objective for the company. Finally, HC Wainwright began coverage on LB Pharmaceuticals in a research report on Monday, April 27th. They set a “buy” rating and a $45.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, four 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 price target of $37.20.

LB Pharmaceuticals Stock Performance

The business has a 50-day moving average of $26.60 and a 200 day moving average of $22.18. The stock has a market cap of $937.55 million and a PE ratio of -30.84.

LB Pharmaceuticals (NASDAQ:LBRX) last released its earnings results on Thursday, March 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.45). Equities analysts expect that LB Pharmaceuticals Inc will post -3.79 EPS for the current fiscal year.

Institutional Trading of LB Pharmaceuticals

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

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.