LB Pharmaceuticals (NASDAQ:LBRX) Shares Up 8.8% – Here’s What Happened

LB Pharmaceuticals Inc (NASDAQ:LBRX) rose 8.8% on Thursday. The company traded as high as $37.37 and last traded at $36.9980. Approximately 101,180 shares were traded during mid-day trading, a decline of 64% from the average session volume of 282,896 shares. The stock had previously closed at $34.00.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LBRX. BMO Capital Markets increased their price objective on LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Stifel Nicolaus set a $53.00 price target on LB Pharmaceuticals in a report on Thursday, August 13th. Zacks Research lowered LB Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Monday, October 12th. Guggenheim reissued a “buy” rating on shares of LB Pharmaceuticals in a research note on Monday, October 12th. Finally, Piper Sandler restated an “overweight” rating and issued a $78.00 price objective on shares of LB Pharmaceuticals in a report on Monday, August 3rd. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.40.

LB Pharmaceuticals Price Performance

The stock’s 50 day moving average price is $42.84 and its two-hundred day moving average price is $35.28. The firm has a market capitalization of $1.19 billion and a price-to-earnings ratio of -10.68.

LB Pharmaceuticals (NASDAQ:LBRX) last posted its earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87). As a group, equities research analysts anticipate that LB Pharmaceuticals Inc will post -5.70 EPS for the current fiscal year.

Institutional Trading of LB Pharmaceuticals

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

LB Pharmaceuticals Company Profile

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.