Jennison Associates LLC Sells 283,636 Shares of LB Pharmaceuticals Inc $LBRX

Key Points

• Jennison Associates cut its LB Pharmaceuticals stake by 34.5% in the first quarter, selling 283,636 shares and leaving it with 538,216 shares worth about $13.27 million.
• LB Pharmaceuticals shares rose 4.6% and were trading at $32.31, near their 52-week high of $35.35, with a market cap of about $926.6 million.
• The company beat quarterly EPS estimates, reporting ($0.67) versus the expected ($0.75), while analysts currently rate the stock a Moderate Buy with a consensus target price of $40.43.

Jennison Associates LLC lowered its stake in LB Pharmaceuticals Inc (NASDAQ:LBRX - Free Report) by 34.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 538,216 shares of the company's stock after selling 283,636 shares during the period. Jennison Associates LLC owned approximately 1.88% of LB Pharmaceuticals worth $13,272,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jefferies Financial Group Inc. bought a new stake in shares of LB Pharmaceuticals in the 3rd quarter valued at approximately $207,000. Landscape Capital Management L.L.C. purchased a new position in LB Pharmaceuticals during the third quarter worth $168,000. Squarepoint Ops LLC purchased a new position in LB Pharmaceuticals during the third quarter worth $329,000. Two Sigma Investments LP bought a new position in LB Pharmaceuticals during the third quarter valued at $213,000. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of LB Pharmaceuticals in the third quarter valued at $15,289,000.

LB Pharmaceuticals Stock Up 4.6%

LBRX opened at $32.31 on Wednesday. The stock's fifty day moving average is $30.22 and its two-hundred day moving average is $26.78. The company has a market capitalization of $926.55 million and a P/E ratio of -18.68. LB Pharmaceuticals Inc has a 52 week low of $13.36 and a 52 week high of $35.35.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.67) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.75) by $0.08. Equities analysts anticipate that LB Pharmaceuticals Inc will post -3.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on LBRX. Weiss Ratings raised shares of LB Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, June 11th. HC Wainwright reissued a "buy" rating on shares of LB Pharmaceuticals in a research report on Monday, June 22nd. Wall Street Zen raised shares of LB Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Sunday, June 21st. Stifel Nicolaus upped their target price 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, BMO Capital Markets assumed coverage on LB Pharmaceuticals in a report on Monday. They issued an "outperform" rating and a $46.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $40.43.

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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