Jennison Associates LLC Acquires 82,812 Shares of LB Pharmaceuticals Inc $LBRX

Key Points

• Jennison Associates LLC raised its stake in LB Pharmaceuticals by 11.2%, purchasing 82,812 shares to hold 821,852 shares (about 3.25% of the company) valued at roughly $18.29 million at quarter-end.
• Analyst sentiment is largely positive: MarketBeat shows a "Moderate Buy" consensus with a consensus target of $37.20, and several brokerages (Roth MKM, HC Wainwright, Stifel, Craig Hallum) have issued or maintained buy ratings and raised price targets.
• LB reported quarterly EPS of ($0.45), meeting estimates, and the stock trades near $31.43 with a market cap of about $901 million and a negative P/E (~-29.65); its 12‑month range is $13.36–$33.47.

Jennison Associates LLC lifted its holdings in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX - Free Report) by 11.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 821,852 shares of the company's stock after purchasing an additional 82,812 shares during the period. Jennison Associates LLC owned about 3.25% of LB Pharmaceuticals worth $18,294,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in LBRX. Bank of America Corp DE bought a new stake in shares of LB Pharmaceuticals during the 3rd quarter worth $27,000. Federated Hermes Inc. bought a new stake in shares of LB Pharmaceuticals during the 3rd quarter worth $142,000. SG Americas Securities LLC bought a new stake in LB Pharmaceuticals in the 4th quarter valued at about $143,000. Landscape Capital Management L.L.C. bought a new stake in LB Pharmaceuticals in the 3rd quarter valued at about $168,000. Finally, Jefferies Financial Group Inc. bought a new stake in LB Pharmaceuticals in the 3rd quarter valued at about $207,000.

LB Pharmaceuticals Stock Down 0.9%

LBRX stock opened at $31.43 on Friday. The firm has a market capitalization of $901.41 million and a PE ratio of -29.65. LB Pharmaceuticals Inc has a twelve month low of $13.36 and a twelve month high of $33.47. The stock has a 50-day simple moving average of $26.12 and a two-hundred day simple moving average of $21.79.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last posted its earnings results on Thursday, March 26th. The company reported ($0.45) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.45). On average, equities research analysts anticipate that LB Pharmaceuticals Inc will post -3.79 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on LBRX. Roth Mkm began coverage on LB Pharmaceuticals in a research note on Friday, January 9th. They issued a "buy" rating and a $31.00 price objective on the stock. HC Wainwright began coverage on LB Pharmaceuticals in a research note on Monday, April 27th. They issued a "buy" rating and a $45.00 price objective on the stock. Stifel Nicolaus boosted their price objective on LB Pharmaceuticals from $35.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, March 27th. Finally, Craig Hallum started coverage on LB Pharmaceuticals in a research note on Friday, April 10th. They issued a "buy" rating and a $36.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $37.20.

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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