BMO Capital Markets Increases LB Pharmaceuticals (NASDAQ:LBRX) Price Target to $54.00

Key Points

• BMO Capital Markets raised LB Pharmaceuticals’ price target to $54 from $46 while maintaining an “outperform” rating, implying approximately 19% upside from the prior close.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $46.12, although targets range from $37 to $78.
• LB Pharmaceuticals reported a quarterly loss of $1.71 per share, missing the $0.84 consensus estimate; shares opened at $45.33 and have traded between $13.36 and $49.14 over the past year.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) had its price objective lifted by investment analysts at BMO Capital Markets from $46.00 to $54.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. BMO Capital Markets' target price would suggest a potential upside of 19.13% from the stock's previous close.

LBRX has been the subject of several other research reports. Wolfe Research initiated coverage on LB Pharmaceuticals in a research note on Tuesday, July 7th. They issued an "outperform" rating and a $45.00 price target for the company. Piper Sandler reiterated an "overweight" rating and issued a $78.00 target price on shares of LB Pharmaceuticals in a report on Monday, August 3rd. Weiss Ratings raised shares of LB Pharmaceuticals from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Friday, July 24th. Roth Capital restated a "buy" rating and issued a $37.00 price target on shares of LB Pharmaceuticals in a research report on Sunday, May 17th. Finally, Wall Street Zen raised shares of LB Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Sunday, June 21st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $46.12.

LB Pharmaceuticals Stock Down 1.1%

Shares of LB Pharmaceuticals stock opened at $45.33 on Wednesday. LB Pharmaceuticals has a twelve month low of $13.36 and a twelve month high of $49.14. The stock has a market cap of $1.30 billion and a price-to-earnings ratio of -26.20. The company's fifty day moving average is $33.98 and its 200 day moving average is $28.95.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.87). As a group, equities analysts anticipate that LB Pharmaceuticals will post -3.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On LB Pharmaceuticals

Several large investors have recently added to or reduced their stakes in LBRX. Great Lakes Advisors LLC bought a new stake in LB Pharmaceuticals in the second quarter worth approximately $987,000. Bank of New York Mellon Corp bought a new stake in shares of LB Pharmaceuticals in the 2nd quarter valued at $1,784,000. Stempoint Capital LP acquired a new position in shares of LB Pharmaceuticals during the 1st quarter valued at $1,233,000. Janus Henderson Group PLC acquired a new stake in LB Pharmaceuticals in the first quarter worth $1,613,000. Finally, Eversept Partners LP bought a new stake in LB Pharmaceuticals in the first quarter valued at $2,471,000.

About LB Pharmaceuticals

We are a clinical-stage biopharmaceutical company developing novel therapies for the treatment of schizophrenia, bipolar depression, and other neuropsychiatric diseases. We are building a pipeline that leverages the broad therapeutic potential of our lead product candidate, LB-102, which we believe has the potential to be the first benzamide antipsychotic drug approved for neuropsychiatric disorders in the United States. LB-102 is a new chemical entity and a methylated derivative of amisulpride, a second-generation antipsychotic drug approved in over 50 countries, not including the United States, because the development and regulatory requirements of the U.S.

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