LB Pharmaceuticals (NASDAQ:LBRX) Stock Gets Downgrade from Zacks Research

LB Pharmaceuticals (NASDAQ:LBRX) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday, Zacks reports.

A number of other brokerages have also recently weighed in on LBRX. Roth Capital cut shares of LB Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price target for the company from $37.00 to $35.00 in a research report on Monday, October 5th. Weiss Ratings lowered shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Canaccord Genuity Group started coverage on shares of LB Pharmaceuticals in a report on Friday. They issued a “buy” rating and a $65.00 price objective on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price objective on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. Finally, Guggenheim reiterated a “buy” rating on shares of LB Pharmaceuticals in a report on Monday. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $57.40.

LB Pharmaceuticals Trading Down 3.2%

NASDAQ LBRX opened at $34.79 on Monday. The stock has a fifty day simple moving average of $43.52 and a 200-day simple moving average of $35.11. LB Pharmaceuticals has a twelve month low of $14.32 and a twelve month high of $50.16.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.87). As a group, equities research analysts expect that LB Pharmaceuticals will post -5.70 earnings per share for the current year.

Hedge Funds Weigh In On LB Pharmaceuticals

Several hedge funds have recently bought and sold shares of LBRX. Spruce Street Capital LP boosted its holdings in LB Pharmaceuticals by 36.9% during the 1st quarter. Spruce Street Capital LP now owns 1,376,159 shares of the company’s stock valued at $33,645,000 after acquiring an additional 370,566 shares during the period. Janus Henderson Group PLC purchased a new stake in LB Pharmaceuticals during the first quarter worth about $1,613,000. Bank of New York Mellon Corp acquired a new stake in shares of LB Pharmaceuticals during the second quarter worth about $1,784,000. Stempoint Capital LP acquired a new stake in shares of LB Pharmaceuticals during the first quarter worth about $1,233,000. Finally, Eversept Partners LP purchased a new position in shares of LB Pharmaceuticals in the first quarter valued at approximately $2,471,000.

About LB Pharmaceuticals

LB Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system and neuropsychiatric disorders. The company’s lead product candidate is LB-102, an oral prodrug of amisulpride, an established antipsychotic medicine that is approved in certain countries outside the United States but is not currently approved in the U.S.

LB-102 is being developed for the treatment of schizophrenia, with the company seeking to evaluate its potential to address the needs of patients and healthcare providers in the U.S.