LB Pharmaceuticals (NASDAQ:LBRX) Stock Bumped Down to "Strong Sell" by Zacks Research

Key Points

• Zacks Research downgraded LB Pharmaceuticals from “hold” to “strong sell,” despite the broader analyst consensus remaining “Moderate Buy” with a $57.40 average price target.
• Shares opened at $34.79, down 3.2%, and are trading below their 50-day moving average of $43.52. The company also reported a quarterly loss of $1.71 per share, missing expectations by $0.87.
• LB Pharmaceuticals is a clinical-stage biotech developing LB-102, an oral prodrug of amisulpride, for schizophrenia and other central nervous system and neuropsychiatric conditions.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) 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.

LBRX has been the topic of several other research reports. HC Wainwright reaffirmed a "buy" rating on shares of LB Pharmaceuticals in a research note on Monday. Raymond James Financial upgraded shares of LB Pharmaceuticals to a "buy" rating in a research report on Monday. Wolfe Research started coverage on shares of LB Pharmaceuticals in a research note on Tuesday, July 7th. They issued an "outperform" rating and a $45.00 price target on the stock. Piper Sandler restated an "overweight" rating and set a $78.00 price target on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. Finally, Weiss Ratings cut shares of LB Pharmaceuticals from a "sell (d+)" rating to a "sell (d)" rating in a research note on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.40.

LB Pharmaceuticals Trading Down 3.2%

NASDAQ:LBRX opened at $34.79 on Monday. The stock has a 50 day moving average of $43.52 and a two-hundred day moving average of $35.11. LB Pharmaceuticals has a 12 month low of $14.32 and a 12 month high of $50.16.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last released its earnings results 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). On average, sell-side analysts expect that LB Pharmaceuticals will post -5.70 earnings per share for the current fiscal year.

Institutional Trading of LB Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of LBRX. Spruce Street Capital LP grew its holdings in shares of LB Pharmaceuticals by 36.9% in the first quarter. Spruce Street Capital LP now owns 1,376,159 shares of the company's stock valued at $33,645,000 after purchasing an additional 370,566 shares during the period. Janus Henderson Group PLC purchased a new position in LB Pharmaceuticals during the first quarter worth about $1,613,000. Bank of New York Mellon Corp acquired a new position in LB Pharmaceuticals in the 2nd quarter valued at about $1,784,000. Stempoint Capital LP acquired a new position in LB Pharmaceuticals in the 1st quarter valued at about $1,233,000. Finally, Eversept Partners LP acquired a new stake in shares of LB Pharmaceuticals during the 1st quarter worth 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.

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