Bank of New York Mellon Corp Makes New $1.78 Million Investment in LB Pharmaceuticals Inc $LBRX

Key Points

• Bank of New York Mellon acquired 54,979 shares of LB Pharmaceuticals worth approximately $1.78 million, representing about 0.19% of the company. Several other institutional investors also initiated positions.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $49.62, though ratings range from “Strong Buy” to “Sell.”
• LBRX shares opened at $49.39, near their 12-month high of $50.16, despite the company reporting a quarterly loss of $1.71 per share—$0.87 worse than analysts expected.

Bank of New York Mellon Corp acquired a new stake in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 54,979 shares of the company's stock, valued at approximately $1,784,000. Bank of New York Mellon Corp owned approximately 0.19% of LB Pharmaceuticals at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. California State Teachers Retirement System bought a new position in shares of LB Pharmaceuticals in the fourth quarter valued at $26,000. Russell Investments Group Ltd. purchased a new position in LB Pharmaceuticals in the 4th quarter worth about $34,000. Bank of America Corp DE acquired a new stake in LB Pharmaceuticals during the 3rd quarter worth about $27,000. Strs Ohio purchased a new stake in LB Pharmaceuticals during the fourth quarter valued at about $76,000. Finally, Persistent Asset Partners Ltd acquired a new position in shares of LB Pharmaceuticals in the fourth quarter worth about $91,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on LBRX shares. Stifel Nicolaus set a $53.00 price target on shares of LB Pharmaceuticals in a report on Thursday, August 13th. Weiss Ratings downgraded shares of LB Pharmaceuticals from a "sell (d+)" rating to a "sell (d)" rating in a research note on Tuesday, August 11th. Roth Capital reaffirmed a "buy" rating and issued a $37.00 target price on shares of LB Pharmaceuticals in a research report on Sunday, May 17th. Piper Sandler reissued an "overweight" rating and set a $78.00 price target on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. Finally, 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 objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $49.62.

LB Pharmaceuticals Stock Up 0.1%

LBRX stock opened at $49.39 on Wednesday. The company has a 50 day moving average of $41.22 and a two-hundred day moving average of $32.43. LB Pharmaceuticals Inc has a 12-month low of $13.36 and a 12-month high of $50.16. The company has a market cap of $1.59 billion and a price-to-earnings ratio of -14.36.

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). On average, research analysts anticipate that LB Pharmaceuticals Inc will post -5.16 EPS for the current year.

LB Pharmaceuticals Company Profile

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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