LB Pharmaceuticals (NASDAQ:LBRX) Rating Lowered to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded LB Pharmaceuticals to “strong sell” from “sell,” despite the broader analyst consensus remaining “Moderate Buy” with an average price target of $51.67.
• LB Pharmaceuticals shares opened at $36.99, compared with a 52-week range of $14.32 to $50.16, while the company has a $1.19 billion market capitalization and trades at a negative P/E ratio of -10.75.
• The clinical-stage biopharmaceutical company reported a quarterly loss of $1.71 per share, missing the $0.84 loss estimate; analysts expect a full-year loss of approximately $5.78 per share.

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

A number of other equities analysts have also recently weighed in on the company. Wolfe Research initiated coverage on LB Pharmaceuticals in a report on Tuesday, July 7th. They set an "outperform" rating and a $45.00 price target for the company. Weiss Ratings cut shares of LB Pharmaceuticals from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. Piper Sandler reaffirmed an "overweight" rating and set a $78.00 target price on shares of LB Pharmaceuticals in a research note on Monday, August 3rd. BMO Capital Markets lifted their price target on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the company an "outperform" rating in a research report on Wednesday, August 12th. Finally, Needham & Company LLC initiated coverage on shares of LB Pharmaceuticals in a research note on Friday. They issued a "buy" rating and a $68.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $51.67.

LB Pharmaceuticals Stock Performance

LBRX stock opened at $36.99 on Friday. LB Pharmaceuticals has a one year low of $14.32 and a one year high of $50.16. The firm has a market cap of $1.19 billion and a PE ratio of -10.75. The firm's 50 day moving average price is $44.16 and its 200-day moving average price is $34.50.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($1.71) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.87). Equities research analysts predict that LB Pharmaceuticals will post -5.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Spruce Street Capital LP increased 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 worth $33,645,000 after purchasing an additional 370,566 shares during the period. Eversept Partners LP acquired a new position in shares of LB Pharmaceuticals during the first quarter worth about $2,471,000. Wellington Management Group LLP increased its stake in shares of LB Pharmaceuticals by 11.9% during the second quarter. Wellington Management Group LLP now owns 58,891 shares of the company's stock worth $1,911,000 after buying an additional 6,251 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of LB Pharmaceuticals during the second quarter worth approximately $1,784,000. Finally, Janus Henderson Group PLC acquired a new stake in LB Pharmaceuticals in the first quarter valued at approximately $1,613,000.

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.

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