LB Pharmaceuticals (NASDAQ:LBRX) Announces Quarterly Earnings Results

LB Pharmaceuticals (NASDAQ:LBRX) released its quarterly earnings results on Thursday. The company reported ($1.79) earnings per share for the quarter, FiscalAI reports.

LB Pharmaceuticals Stock Performance

NASDAQ LBRX traded down $2.75 during trading hours on Thursday, hitting $38.10. 354,370 shares of the company’s stock were exchanged, compared to its average volume of 292,315. The business’s 50 day moving average is $40.89 and its 200-day moving average is $32.75. LB Pharmaceuticals has a 12-month low of $14.32 and a 12-month high of $50.16. The firm has a market capitalization of $1.23 billion, a P/E ratio of -11.08 and a beta of 0.82.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Candriam S.C.A. acquired a new position in LB Pharmaceuticals during the third quarter worth approximately $10,949,000. Alps Advisors Inc. boosted its holdings in shares of LB Pharmaceuticals by 46.8% in the 3rd quarter. Alps Advisors Inc. now owns 42,732 shares of the company’s stock valued at $1,640,000 after purchasing an additional 13,630 shares during the last quarter. Profund Advisors LLC acquired a new position in shares of LB Pharmaceuticals in the 3rd quarter valued at $1,082,000. Sigma Planning Corp purchased a new stake in shares of LB Pharmaceuticals during the 3rd quarter valued at $1,151,000. Finally, Wellington Management Group LLP grew its stake in shares of LB Pharmaceuticals by 11.9% during the 2nd quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock valued at $1,911,000 after buying an additional 6,251 shares during the period.

Analyst Upgrades and Downgrades

LBRX has been the subject of a number of recent research reports. Canaccord Genuity Group began coverage on LB Pharmaceuticals in a research report on Friday, October 9th. They set a “buy” rating and a $65.00 price objective for the company. Zacks Research cut shares of LB Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday, October 12th. Piper Sandler reiterated an “overweight” rating and set a $78.00 price target on shares of LB Pharmaceuticals in a report on Monday, August 3rd. Needham & Company LLC started coverage on shares of LB Pharmaceuticals in a research note on Friday, October 2nd. They set a “buy” rating and a $68.00 price objective on the stock. Finally, Raymond James Financial upgraded shares of LB Pharmaceuticals to a “buy” rating in a research report on Monday, October 12th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.40.

LB Pharmaceuticals Company Profile

LB Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neuropsychiatric disorders. The company’s lead product candidate, LB-102, is an investigational oral therapy being developed for schizophrenia and potentially other conditions involving serious disturbances in mood, thought and behavior.

LB-102 is designed as a prodrug of amisulpride, an antipsychotic compound that has been approved in certain markets outside the United States but is not approved by the U.S.