LB Pharmaceuticals (NASDAQ:LBRX) Stock Rated Buy in New Coverage at Guggenheim

Key Points

• Guggenheim initiated coverage of LB Pharmaceuticals with a Buy rating and an $80 price target, implying 133.51% upside from the stock’s $34.26 opening price.
• Analyst sentiment is broadly positive, with a consensus rating of Moderate Buy and an average price target of $56.56, though ratings range from Strong Buy to Strong Sell.
• LB Pharmaceuticals reported a quarterly loss of $1.71 per share, missing the $0.84 consensus estimate, while developing LB-102, an oral schizophrenia treatment candidate.

Stock analysts at Guggenheim started coverage on shares of LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) in a report released on Tuesday, Marketbeat reports. The brokerage set a "buy" rating and a $80.00 price target on the stock. Guggenheim's price target suggests a potential upside of 133.51% from the stock's current price.

LBRX has been the topic of several other research reports. Wolfe Research initiated coverage on shares of LB Pharmaceuticals in a research note on Tuesday, July 7th. They issued an "outperform" rating and a $45.00 price objective on the stock. Roth Capital downgraded LB Pharmaceuticals from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $37.00 to $35.00 in a research report on Monday. Piper Sandler reaffirmed an "overweight" rating and issued a $78.00 price objective on shares of LB Pharmaceuticals in a research note on Monday, August 3rd. Needham & Company LLC started coverage on LB Pharmaceuticals in a report on Friday. They issued a "buy" rating and a $68.00 target price on the stock. Finally, Wall Street Zen lowered shares of LB Pharmaceuticals from a "sell" rating to a "strong sell" rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned 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, LB Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.

LB Pharmaceuticals Stock Performance

Shares of LBRX opened at $34.26 on Tuesday. The business's fifty day moving average is $44.14 and its 200-day moving average is $34.70. The firm has a market cap of $1.11 billion and a price-to-earnings ratio of -9.96. 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 posted its quarterly earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.87). As a group, research analysts forecast that LB Pharmaceuticals will post -5.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Spruce Street Capital LP boosted its position in shares of LB Pharmaceuticals by 36.9% during the 1st 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 in the last quarter. Eversept Partners LP bought a new stake in LB Pharmaceuticals in the first quarter worth approximately $2,471,000. Wellington Management Group LLP lifted its stake in LB Pharmaceuticals by 11.9% in the second 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. Bank of New York Mellon Corp bought a new position in shares of LB Pharmaceuticals during the 2nd quarter worth approximately $1,784,000. Finally, Janus Henderson Group PLC bought a new position in shares of LB Pharmaceuticals during the 1st quarter worth approximately $1,613,000.

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.