LB Pharmaceuticals (NASDAQ:LBRX) Downgraded by Wall Street Zen to Strong Sell

Key Points

• Wall Street Zen downgraded LB Pharmaceuticals to “Strong Sell” from “Sell”; Zacks Research has also assigned a “Strong Sell” rating.
• Analyst views remain mixed: MarketBeat reports a “Moderate Buy” consensus from 10 Buy, one Hold, and two Sell ratings, with an average price target of $57.40.
• The company reported a quarterly loss of $1.79 per share, missing analysts’ estimate of a $1.61 loss per share.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued on Sunday, Wall Street Zen reports.

A number of other equities analysts have also recently issued reports on the company. BMO Capital Markets increased their target price on LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an "outperform" rating in a report on Wednesday, August 12th. Needham & Company LLC began coverage on shares of LB Pharmaceuticals in a research note on Friday, October 2nd. They set a "buy" rating and a $68.00 price target for the company. Zacks Research lowered shares of LB Pharmaceuticals from a "hold" rating to a "strong sell" rating in a research note on Monday, October 12th. Stifel Nicolaus set a $53.00 price objective on shares of LB Pharmaceuticals in a report on Thursday, August 13th. Finally, Guggenheim reaffirmed a "buy" rating on shares of LB Pharmaceuticals in a research note on Monday, October 12th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, LB Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $57.40.

LB Pharmaceuticals Stock Performance

NASDAQ:LBRX opened at $42.01 on Friday. The firm's 50-day simple moving average is $40.57 and its 200 day simple moving average is $32.95. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -9.09 and a beta of 0.82. LB Pharmaceuticals has a 52 week low of $14.32 and a 52 week high of $50.16.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($1.79) EPS for the quarter, missing analysts' consensus estimates of ($1.61) by ($0.18). Sell-side analysts anticipate that LB Pharmaceuticals will post -5.70 EPS for the current year.

Institutional Trading of LB Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. Spruce Street Capital LP raised its position in LB Pharmaceuticals by 36.9% in the 1st 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. Candriam S.C.A. bought a new position in LB Pharmaceuticals during the 3rd quarter valued at $10,949,000. Russell Investments Group Ltd. lifted its stake in LB Pharmaceuticals by 90.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 65,028 shares of the company's stock valued at $2,496,000 after acquiring an additional 30,954 shares in the last quarter. Eversept Partners LP purchased a new position in LB Pharmaceuticals during the 1st quarter worth $2,471,000. Finally, Wellington Management Group LLP boosted its holdings in LB Pharmaceuticals by 11.9% during the 2nd quarter. Wellington Management Group LLP now owns 58,891 shares of the company's stock worth $1,911,000 after acquiring an additional 6,251 shares during the last quarter.

About LB Pharmaceuticals

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.

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