LB Pharmaceuticals (NASDAQ:LBRX) Reaches New 1-Year High - Time to Buy?

Key Points

• LB Pharmaceuticals hit a new 52-week high, trading as high as $35.39 before closing around $33.66, as investor interest pushed the stock higher on Wednesday.
• Wall Street sentiment is broadly positive, with recent analyst coverage including multiple Buy/Outperform ratings and a consensus Moderate Buy; the average price target sits at $40.43.
• The company is still loss-making but beat expectations, reporting EPS of -$0.67 versus the expected -$0.75 in its latest quarter as it advances LB-102, a lead drug candidate for neuropsychiatric disorders.

LB Pharmaceuticals Inc (NASDAQ:LBRX - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $35.39 and last traded at $33.6550, with a volume of 34627 shares traded. The stock had previously closed at $32.31.

Analysts Set New Price Targets

LBRX has been the topic of a number of recent research reports. BMO Capital Markets started coverage on LB Pharmaceuticals in a research report on Monday. They set an "outperform" rating and a $46.00 target price on the stock. Wolfe Research started coverage on LB Pharmaceuticals in a report on Tuesday, July 7th. They issued an "outperform" rating and a $45.00 price target for the company. Stifel Nicolaus raised their price objective on LB Pharmaceuticals from $35.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, March 27th. Craig Hallum assumed coverage on LB Pharmaceuticals in a research report on Friday, April 10th. They set a "buy" rating and a $36.00 price objective on the stock. Finally, HC Wainwright reaffirmed a "buy" rating on shares of LB Pharmaceuticals in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $40.43.

LB Pharmaceuticals Stock Performance

The company's 50 day moving average price is $30.22 and its 200 day moving average price is $26.78. The company has a market cap of $977.60 million and a price-to-earnings ratio of -19.86.

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

Institutional Trading of LB Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. Deep Track Capital LP acquired a new position in shares of LB Pharmaceuticals in the third quarter valued at approximately $52,941,000. RA Capital Management L.P. acquired a new position in LB Pharmaceuticals in the 3rd quarter worth $28,058,000. TCG Crossover Management LLC bought a new position in LB Pharmaceuticals during the 3rd quarter worth about $27,554,000. JPMorgan Chase & Co. acquired a new stake in shares of LB Pharmaceuticals in the 3rd quarter valued at about $16,305,000. Finally, Spruce Street Capital LP acquired a new stake in shares of LB Pharmaceuticals in the 4th quarter valued at about $22,384,000.

About LB Pharmaceuticals

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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