JPMorgan Chase & Co. Buys Shares of 1,032,603 LB Pharmaceuticals Inc $LBRX

Key Points

• JPMorgan Chase & Co. bought a new stake of 1,032,603 shares of LB Pharmaceuticals (NASDAQ: LBRX) in Q3, worth about $16.3 million and representing roughly 4.08% of the company.
• Several other institutions also initiated large positions—Deep Track (~$52.9M), RA Capital (~$28.1M), TCG Crossover (~$27.6M), Commodore (~$23.7M) and Balyasny (~$15.3M)—indicating rising institutional interest.
• Analysts are generally bullish with a consensus "Moderate Buy" and an average target of $33.33, while the stock recently traded at $24.53 (1‑year range $13.36–$27.55) and the company has a market cap of $620.6M and a negative P/E.

JPMorgan Chase & Co. bought a new stake in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,032,603 shares of the company's stock, valued at approximately $16,305,000. JPMorgan Chase & Co. owned about 4.08% of LB Pharmaceuticals at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Deep Track Capital LP acquired a new stake in LB Pharmaceuticals in the third quarter valued at $52,941,000. RA Capital Management L.P. acquired a new position in LB Pharmaceuticals during the 3rd quarter worth $28,058,000. TCG Crossover Management LLC bought a new stake in shares of LB Pharmaceuticals in the 3rd quarter worth about $27,554,000. Commodore Capital LP acquired a new stake in shares of LB Pharmaceuticals in the 3rd quarter valued at about $23,685,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of LB Pharmaceuticals during the third quarter worth about $15,289,000.

Wall Street Analysts Forecast Growth

LBRX has been the subject of a number of research reports. Roth Mkm assumed coverage on LB Pharmaceuticals in a research note on Friday, January 9th. They issued a "buy" rating and a $31.00 price target for the company. Stifel Nicolaus increased their target price on LB Pharmaceuticals from $27.00 to $35.00 and gave the stock a "buy" rating in a report on Thursday, December 11th. Finally, Weiss Ratings reiterated a "sell (e)" rating on shares of LB Pharmaceuticals in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $33.33.

LB Pharmaceuticals Price Performance

NASDAQ LBRX opened at $24.53 on Friday. LB Pharmaceuticals Inc has a one year low of $13.36 and a one year high of $27.55. The firm has a 50-day simple moving average of $23.51. The firm has a market cap of $620.61 million and a price-to-earnings ratio of -40.21.

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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