Spruce Street Capital LP lifted its stake in LB Pharmaceuticals Inc (NASDAQ:LBRX - Free Report) by 36.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,376,159 shares of the company's stock after purchasing an additional 370,566 shares during the period. LB Pharmaceuticals makes up 8.1% of Spruce Street Capital LP's investment portfolio, making the stock its 3rd largest holding. Spruce Street Capital LP owned 4.80% of LB Pharmaceuticals worth $33,645,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in LBRX. Jefferies Financial Group Inc. acquired a new position in shares of LB Pharmaceuticals during the 3rd quarter worth $207,000. Landscape Capital Management L.L.C. purchased a new position in LB Pharmaceuticals during the 3rd quarter valued at about $168,000. Squarepoint Ops LLC acquired a new position in LB Pharmaceuticals during the third quarter worth about $329,000. Two Sigma Investments LP purchased a new stake in shares of LB Pharmaceuticals in the third quarter valued at about $213,000. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of LB Pharmaceuticals in the third quarter valued at approximately $15,289,000.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on the company. Weiss Ratings upgraded LB Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 11th. HC Wainwright reiterated a "buy" rating on shares of LB Pharmaceuticals in a report on Friday. BMO Capital Markets initiated coverage on LB Pharmaceuticals in a research report on Monday. They set an "outperform" rating and a $46.00 price target for the company. Craig Hallum started coverage on LB Pharmaceuticals in a research report on Friday, April 10th. They issued a "buy" rating and a $36.00 price objective on the stock. Finally, Roth Capital reaffirmed a "buy" rating and set a $37.00 price objective on shares of LB Pharmaceuticals in a research note on Sunday, May 17th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, LB Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $40.43.
Check Out Our Latest Stock Report on LBRX
LB Pharmaceuticals Price Performance
NASDAQ:LBRX opened at $35.01 on Friday. The firm has a market cap of $1.00 billion and a PE ratio of -20.24. The firm has a 50 day simple moving average of $30.46 and a 200-day simple moving average of $27.04. LB Pharmaceuticals Inc has a 1-year low of $13.36 and a 1-year high of $36.60.
LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last announced its 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. As a group, sell-side analysts expect that LB Pharmaceuticals Inc will post -3.58 earnings per share for the current fiscal year.
About LB Pharmaceuticals
(
Free Report)
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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