LB Pharmaceuticals (NASDAQ:LBRX) Shares Break Above 50-Day Moving Average After Earnings Miss

Key Points

• LB Pharmaceuticals shares rose above their 50-day moving average, reaching $42.29 and last trading at $42.01, despite reporting a quarterly loss of $1.79 per share—$0.18 worse than analysts expected.
• Analyst views are mixed, but the consensus rating is “Moderate Buy”, with an average price target of $57.40; targets cited range from $35 to $78.
• The clinical-stage biopharmaceutical company is developing LB-102, an investigational oral treatment for schizophrenia and potentially other neuropsychiatric conditions.

LB Pharmaceuticals Inc (NASDAQ:LBRX - Get Free Report) passed above its 50-day moving average during trading on Friday following a stronger than expected earnings report. The stock has a 50-day moving average of $40.57 and traded as high as $42.29. LB Pharmaceuticals shares last traded at $42.01, with a volume of 480,240 shares traded.

The company reported ($1.79) earnings per share for the quarter, missing analysts' consensus estimates of ($1.61) by ($0.18).

Wall Street Analyst Weigh In

A number of research firms recently issued reports on LBRX. Roth Capital lowered shares of LB Pharmaceuticals from a "buy" rating to a "neutral" rating and lowered their target price for the company from $37.00 to $35.00 in a research note on Monday, October 5th. Raymond James Financial upgraded LB Pharmaceuticals to a "buy" rating in a report on Monday, October 12th. Piper Sandler reissued an "overweight" rating and set a $78.00 price target on shares of LB Pharmaceuticals in a report on Monday, August 3rd. Weiss Ratings cut shares of LB Pharmaceuticals from a "sell (d+)" rating to a "sell (d)" rating in a research note on Tuesday, August 11th. Finally, Needham & Company LLC initiated coverage on shares of LB Pharmaceuticals in a report on Friday, October 2nd. They issued a "buy" rating and a $68.00 price target for the company. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, LB Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $57.40.

Hedge Funds Weigh In On LB Pharmaceuticals

Large investors have recently modified their holdings of the business. Strs Ohio raised its holdings in shares of LB Pharmaceuticals by 50.0% in 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. Bank of New York Mellon Corp increased its holdings in shares of LB Pharmaceuticals by 12.2% in the 1st quarter. Bank of New York Mellon Corp now owns 45,457 shares of the company's stock worth $1,121,000 after acquiring an additional 4,940 shares during the period. Wellington Management Group LLP lifted its position in LB Pharmaceuticals by 11.9% in the second quarter. Wellington Management Group LLP now owns 58,891 shares of the company's stock worth $1,911,000 after purchasing an additional 6,251 shares during the period. Alps Advisors Inc. raised its position in shares of LB Pharmaceuticals by 46.8% during the third quarter. Alps Advisors Inc. now owns 42,732 shares of the company's stock worth $1,640,000 after purchasing an additional 13,630 shares during the period. Finally, Calamos Advisors LLC acquired a new stake in LB Pharmaceuticals during the 1st quarter worth about $593,000.

LB Pharmaceuticals Price Performance

The business has a fifty day moving average of $40.57 and a 200 day moving average of $32.95. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of -9.09 and a beta of 0.82.

About LB Pharmaceuticals

LB Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neuropsychiatric disorders. The company's lead product candidate, LB-102, is an investigational oral therapy being developed for schizophrenia and potentially other conditions involving serious disturbances in mood, thought and behavior.

LB-102 is designed as a prodrug of amisulpride, an antipsychotic compound that has been approved in certain markets outside the United States but is not approved by the U.S.

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