Great Lakes Advisors LLC Purchases Shares of 30,410 LB Pharmaceuticals Inc $LBRX

Key Points

• Great Lakes Advisors LLC acquired 30,410 shares of LB Pharmaceuticals in the second quarter, valued at approximately $987,000 and representing about 0.11% of the company.
• Institutional interest increased, with several hedge funds—including Deep Track Capital, RA Capital Management, and TCG Crossover Management—building new, multimillion-dollar positions in LBRX.
• LB Pharmaceuticals shares opened at $47.62, near their 52-week high, while the company reported a quarterly loss of $1.71 per share, significantly below the $0.84 loss analysts expected. Analysts maintain a “Moderate Buy” consensus with an average price target of $47.75.

Great Lakes Advisors LLC acquired a new stake in LB Pharmaceuticals Inc (NASDAQ:LBRX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 30,410 shares of the company's stock, valued at approximately $987,000. Great Lakes Advisors LLC owned approximately 0.11% of LB Pharmaceuticals as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LBRX. Deep Track Capital LP bought a new stake in LB Pharmaceuticals in the third quarter valued at about $52,941,000. RA Capital Management L.P. bought a new position in LB Pharmaceuticals during the third quarter worth about $28,058,000. TCG Crossover Management LLC bought a new position in LB Pharmaceuticals during the third quarter worth about $27,554,000. Spruce Street Capital LP acquired a new stake in LB Pharmaceuticals during the fourth quarter valued at approximately $22,384,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of LB Pharmaceuticals in the 3rd quarter valued at approximately $15,289,000.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Weiss Ratings downgraded LB Pharmaceuticals from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. Wolfe Research initiated coverage on LB Pharmaceuticals in a report on Tuesday, July 7th. They set an "outperform" rating and a $45.00 price objective for the company. Stifel Nicolaus set a $53.00 target price on shares of LB Pharmaceuticals in a report on Thursday, August 13th. Piper Sandler reissued an "overweight" rating and set a $78.00 price target on shares of LB Pharmaceuticals in a report on Monday, August 3rd. Finally, HC Wainwright restated a "buy" rating and issued a $45.00 price target on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, LB Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $47.75.

LB Pharmaceuticals Stock Up 0.8%

Shares of LBRX stock opened at $47.62 on Friday. The firm has a market cap of $1.54 billion and a price-to-earnings ratio of -13.84. LB Pharmaceuticals Inc has a 12 month low of $13.36 and a 12 month high of $49.97. The stock has a 50-day moving average price of $36.92 and a 200 day moving average price of $30.28.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.87). Sell-side analysts predict that LB Pharmaceuticals Inc will post -4.67 earnings per share for the current fiscal 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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