Bank of America Corp DE Has $410,000 Stock Position in LB Pharmaceuticals Inc $LBRX

Bank of America Corp DE cut its stake in LB Pharmaceuticals Inc (NASDAQ:LBRX - Free Report) by 62.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,618 shares of the company's stock after selling 27,140 shares during the period. Bank of America Corp DE owned about 0.06% of LB Pharmaceuticals worth $410,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. California State Teachers Retirement System acquired a new stake in shares of LB Pharmaceuticals in the 4th quarter valued at $26,000. Russell Investments Group Ltd. bought a new stake in LB Pharmaceuticals during the fourth quarter worth about $34,000. Strs Ohio bought a new stake in LB Pharmaceuticals during the fourth quarter worth about $76,000. Persistent Asset Partners Ltd acquired a new stake in shares of LB Pharmaceuticals during the fourth quarter worth approximately $91,000. Finally, Police & Firemen s Retirement System of New Jersey bought a new position in shares of LB Pharmaceuticals in the fourth quarter valued at approximately $98,000.

LB Pharmaceuticals Trading Down 3.5%

Shares of NASDAQ:LBRX opened at $47.67 on Thursday. LB Pharmaceuticals Inc has a 1-year low of $13.36 and a 1-year high of $50.16. The stock has a market capitalization of $1.54 billion and a P/E ratio of -13.86. The business has a 50-day moving average price of $41.53 and a two-hundred day moving average price of $32.60.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.87). As a group, equities analysts predict that LB Pharmaceuticals Inc will post -5.16 EPS for the current year.

Analysts Set New Price Targets

LBRX has been the topic of several recent analyst reports. BMO Capital Markets boosted their target price on LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an "outperform" rating in a report on Wednesday, August 12th. Stifel Nicolaus set a $53.00 price target on LB Pharmaceuticals in a report on Thursday, August 13th. Roth Capital reissued a "buy" rating and issued a $37.00 price objective on shares of LB Pharmaceuticals in a research note on Sunday, May 17th. Weiss Ratings cut LB Pharmaceuticals from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. Finally, Wall Street Zen lowered LB Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. One investment 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 given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $49.62.

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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