Zacks Research Upgrades LB Pharmaceuticals (NASDAQ:LBRX) to Hold

Key Points

• Zacks Research upgraded LB Pharmaceuticals from “strong sell” to “hold.” Overall analyst sentiment remains “Moderate Buy,” with an average price target of $57.40.
• Analyst views vary: BMO raised its target to $54, while Piper Sandler and Needham set targets of $78 and $68, respectively; Wall Street Zen moved its rating from “sell” to “strong sell.”
• LB Pharmaceuticals reported quarterly EPS of -$1.79, missing the consensus estimate of -$1.61. The clinical-stage company is developing LB-102 for schizophrenia; the investigational drug is not approved for commercial use.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Several other equities analysts have also issued reports on LBRX. BMO Capital Markets upped their target price on LB Pharmaceuticals from $46.00 to $54.00 and gave the company an "outperform" rating in a report on Wednesday, August 12th. Piper Sandler reiterated an "overweight" rating and set a $78.00 price target on shares of LB Pharmaceuticals in a report on Monday, August 3rd. Guggenheim reissued a "buy" rating on shares of LB Pharmaceuticals in a research report on Monday, October 12th. Wall Street Zen downgraded LB Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research note on Sunday. Finally, Needham & Company LLC initiated coverage on LB Pharmaceuticals in a research note on Friday, October 2nd. They set a "buy" rating and a $68.00 target price on the stock. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $57.40.

LB Pharmaceuticals Stock Performance

LB Pharmaceuticals stock opened at $44.71 on Tuesday. LB Pharmaceuticals has a fifty-two week low of $14.40 and a fifty-two week high of $50.16. The firm's 50-day simple moving average is $40.42 and its 200 day simple moving average is $33.27. The stock has a market cap of $1.45 billion, a PE ratio of -9.68 and a beta of 0.82.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.61) by ($0.18). As a group, analysts predict that LB Pharmaceuticals will post -6.05 EPS for the current fiscal year.

Institutional Investors Weigh In On LB Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Spruce Street Capital LP lifted its stake in 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 last quarter. Janus Henderson Group PLC bought a new position in LB Pharmaceuticals during the first quarter valued at $1,613,000. Bank of New York Mellon Corp bought a new position in LB Pharmaceuticals during the second quarter valued at $1,784,000. Stempoint Capital LP bought a new position in LB Pharmaceuticals during the first quarter valued at $1,233,000. Finally, Eversept Partners LP purchased a new stake in LB Pharmaceuticals in the first quarter worth $2,471,000.

About LB Pharmaceuticals

LB Pharmaceuticals is a clinical-stage biopharmaceutical company developing treatments for serious neuropsychiatric disorders. Its research focuses on medicines intended to address conditions with significant unmet treatment needs. The company's lead candidate, LB-102, is an oral investigational drug being studied for schizophrenia. LB Pharmaceuticals has also identified other psychiatric conditions, including bipolar disorder, as potential areas of development. LB-102 has not been approved for commercial use, and its safety and effectiveness have not been established by regulators.

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