LB Pharmaceuticals (NASDAQ:LBRX) Upgraded by BMO Capital Markets to Strong-Buy Rating

Key Points

• BMO Capital Markets upgraded LB Pharmaceuticals (NASDAQ:LBRX) to a strong-buy rating, adding to a generally positive analyst backdrop for the stock.
• Analysts now show a Moderate Buy consensus overall, with a $40.43 average target price. Recent ratings have included buys from Roth Capital, Craig Hallum, and Wolfe Research, while Wall Street Zen and Weiss Ratings also made smaller upward revisions.
• LB Pharmaceuticals shares were up 4.6% to $32.31 on Monday. The company also recently beat earnings estimates, reporting EPS of -$0.67 versus expectations of -$0.75.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) was upgraded by equities research analysts at BMO Capital Markets to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

Several other research firms have also recently weighed in on LBRX. Wall Street Zen raised LB Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Sunday, June 21st. Roth Capital restated a "buy" rating and issued a $37.00 target price on shares of LB Pharmaceuticals in a research note on Sunday, May 17th. 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 target for the company. Wolfe Research began coverage on shares of LB Pharmaceuticals in a research note on Tuesday, July 7th. They set an "outperform" rating and a $45.00 price target for the company. Finally, Weiss Ratings upgraded shares of LB Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, June 11th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $40.43.

LB Pharmaceuticals Trading Up 4.6%

LBRX opened at $32.31 on Monday. The stock has a market capitalization of $926.55 million and a P/E ratio of -18.68. LB Pharmaceuticals has a 12 month low of $13.36 and a 12 month high of $35.35. The firm's fifty day simple moving average is $30.22 and its 200 day simple moving average is $26.78.

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, topping analysts' consensus estimates of ($0.75) by $0.08. On average, equities research analysts predict that LB Pharmaceuticals will post -3.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System bought a new position in LB Pharmaceuticals during the fourth quarter worth $26,000. Jane Street Group LLC lifted its stake in shares of LB Pharmaceuticals by 4.6% during the 4th quarter. Jane Street Group LLC now owns 31,733 shares of the company's stock worth $706,000 after buying an additional 1,388 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in LB Pharmaceuticals in the 4th quarter valued at about $34,000. Bank of America Corp DE bought a new position in LB Pharmaceuticals in the 3rd quarter valued at about $27,000. Finally, Strs Ohio lifted its position in LB Pharmaceuticals by 50.0% during the first quarter. Strs Ohio now owns 5,100 shares of the company's stock worth $126,000 after acquiring an additional 1,700 shares during the last quarter.

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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