Eversept Partners LP Makes New $2.47 Million Investment in LB Pharmaceuticals Inc $LBRX

Key Points

• Eversept Partners LP acquired 100,198 shares of LB Pharmaceuticals, valued at approximately $2.47 million, giving it a 0.35% stake. Several other institutional investors also initiated positions recently.
• LB Pharmaceuticals shares were trading at $34.78, near their 12-month high, despite the company reporting a quarterly loss of $0.67 per share. Analysts expect a full-year loss of approximately $3.58 per share.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $40.43, compared with the reported share price.

Eversept Partners LP bought a new stake in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 100,198 shares of the company's stock, valued at approximately $2,471,000. Eversept Partners LP owned approximately 0.35% of LB Pharmaceuticals at the end of the most recent quarter.

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

LB Pharmaceuticals Trading Down 0.7%

Shares of NASDAQ:LBRX opened at $34.78 on Tuesday. The stock has a 50 day moving average of $30.60 and a 200 day moving average of $27.19. The company has a market cap of $997.39 million and a PE ratio of -20.10. LB Pharmaceuticals Inc has a 12-month low of $13.36 and a 12-month high of $36.60.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.67) earnings per share for the quarter, beating the consensus estimate of ($0.75) by $0.08. Equities research analysts predict that LB Pharmaceuticals Inc will post -3.58 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on LBRX shares. HC Wainwright restated a "buy" rating on shares of LB Pharmaceuticals in a research note on Friday. Weiss Ratings raised LB Pharmaceuticals from a "sell (d-)" rating to a "sell (d+)" rating in a report on Friday. Craig Hallum assumed coverage on LB Pharmaceuticals in a research note on Friday, April 10th. They issued a "buy" rating and a $36.00 price target for the company. Wall Street Zen raised LB Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Sunday, June 21st. Finally, Roth Capital reaffirmed a "buy" rating and set a $37.00 price objective on shares of LB Pharmaceuticals in a research report on Sunday, May 17th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $40.43.

LB Pharmaceuticals 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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