Needham & Company LLC Upgrades LB Pharmaceuticals (NASDAQ:LBRX) to "Moderate Buy"

Key Points

• Needham upgraded LB Pharmaceuticals to “Moderate Buy,” aligning with the broader analyst consensus and an average price target of $51.67. Price targets from other firms range from $45 to $78.
• Shares opened at $36.99, down 0.8%, with a $1.19 billion market capitalization. The stock has traded between $14.32 and $50.16 over the past year.
• LB Pharmaceuticals reported quarterly EPS of -$1.71, missing the consensus estimate of -$0.84. The clinical-stage company is developing LB-102, an oral treatment candidate for schizophrenia.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) was upgraded by equities research analysts at Needham & Company LLC to a "moderate buy" rating in a report issued on Friday, Zacks reports.

Other analysts also recently issued reports about the company. Piper Sandler restated an "overweight" rating and issued a $78.00 target price on shares of LB Pharmaceuticals in a research note on Monday, August 3rd. Stifel Nicolaus set a $53.00 price target on LB Pharmaceuticals in a research note on Thursday, August 13th. Wolfe Research initiated coverage on LB Pharmaceuticals in a report on Tuesday, July 7th. They issued an "outperform" rating and a $45.00 price target on the stock. Wall Street Zen cut LB Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research note on Saturday. Finally, HC Wainwright boosted their price objective on LB Pharmaceuticals from $45.00 to $60.00 and gave the company a "buy" rating in a report on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $51.67.

LB Pharmaceuticals Stock Down 0.8%

LB Pharmaceuticals stock opened at $36.99 on Friday. The company has a market capitalization of $1.19 billion and a PE ratio of -10.75. LB Pharmaceuticals has a 12-month low of $14.32 and a 12-month high of $50.16. The firm's fifty day moving average is $44.16 and its 200 day moving average is $34.50.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($1.71) EPS for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.87). Sell-side analysts expect that LB Pharmaceuticals will post -5.78 EPS for the current fiscal year.

Hedge Funds Weigh In On LB Pharmaceuticals

Several large investors have recently added to or reduced their stakes in LBRX. Wellington Management Group LLP increased 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 purchasing an additional 6,251 shares in the last quarter. Great Lakes Advisors LLC purchased a new position in shares of LB Pharmaceuticals during the second quarter valued at approximately $987,000. Bank of New York Mellon Corp purchased a new position in shares of LB Pharmaceuticals during the second quarter valued at approximately $1,784,000. Stempoint Capital LP bought a new stake in LB Pharmaceuticals during the first quarter worth $1,233,000. Finally, Janus Henderson Group PLC purchased a new stake in LB Pharmaceuticals in the 1st quarter valued at $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.

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