LB Pharmaceuticals (NASDAQ:LBRX) Sets New 52-Week High After Analyst Upgrade

Key Points

• LB Pharmaceuticals reached a new 52-week high after HC Wainwright raised its price target from $45 to $60 and maintained a Buy rating. Shares traded as high as $50.16, above the $49.62 analyst consensus target.
• Analyst sentiment is broadly positive, with one Strong Buy, seven Buy, one Hold, and one Sell rating, resulting in a “Moderate Buy” consensus. Several institutional investors also increased or initiated positions in the company.
• The clinical-stage biopharmaceutical company reported a quarterly loss of $1.71 per share, missing the $0.84 consensus estimate, and analysts expect a full-year loss of $4.67 per share.

LB Pharmaceuticals Inc (NASDAQ:LBRX - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday after HC Wainwright raised their price target on the stock from $45.00 to $60.00. HC Wainwright currently has a buy rating on the stock. LB Pharmaceuticals traded as high as $50.16 and last traded at $48.95, with a volume of 13908 shares trading hands. The stock had previously closed at $48.21.

LBRX has been the topic of a number of other reports. Weiss Ratings downgraded shares of LB Pharmaceuticals from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. BMO Capital Markets lifted their price objective on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 12th. Stifel Nicolaus set a $53.00 target price on shares of LB Pharmaceuticals in a research note on Thursday, August 13th. Piper Sandler reissued an "overweight" rating and set a $78.00 target price on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, LB Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $49.62.

Institutional Investors Weigh In On LB Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LBRX. California State Teachers Retirement System boosted its position in LB Pharmaceuticals by 50,961.3% during the second quarter. California State Teachers Retirement System now owns 531,548 shares of the company's stock worth $16,378,000 after purchasing an additional 530,507 shares during the period. Wellington Management Group LLP raised its position in shares of LB Pharmaceuticals by 11.9% in the second quarter. Wellington Management Group LLP now owns 58,891 shares of the company's stock valued at $1,911,000 after purchasing an additional 6,251 shares during the period. Great Lakes Advisors LLC purchased a new stake in shares of LB Pharmaceuticals during the 2nd quarter valued at approximately $987,000. Bank of New York Mellon Corp purchased a new stake in shares of LB Pharmaceuticals during the 2nd quarter valued at approximately $1,784,000. Finally, Stempoint Capital LP bought a new position in LB Pharmaceuticals in the 1st quarter worth approximately $1,233,000.

LB Pharmaceuticals Stock Performance

The firm has a market capitalization of $1.58 billion and a PE ratio of -14.24. The business's 50 day moving average is $37.31 and its two-hundred day moving average is $30.52.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last issued its earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.87). As a group, equities research analysts predict that LB Pharmaceuticals Inc will post -4.67 EPS for the current year.

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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