LB Pharmaceuticals (NASDAQ:LBRX) Shares Gap Up - What's Next?

Key Points

• LB Pharmaceuticals shares gapped higher, opening at $36.62 versus a prior close of $34.00 and last trading around $36.70. The company has a market capitalization of approximately $1.20 billion.
• Analyst sentiment remains broadly positive: ten analysts rate the stock Buy, with an overall “Moderate Buy” rating and an average price target of $57.40; recent targets range as high as $65.
• The clinical-stage biopharmaceutical company missed its latest quarterly EPS estimate, reporting a loss of $1.71 per share versus expectations of $0.84. Its lead candidate, LB-102, is being developed as a potential schizophrenia treatment in the U.S.

LB Pharmaceuticals Inc (NASDAQ:LBRX - Get Free Report)'s stock price gapped up before the market opened on Friday. The stock had previously closed at $34.00, but opened at $36.62. LB Pharmaceuticals shares last traded at $36.7030, with a volume of 77,423 shares changing hands.

Analysts Set New Price Targets

A number of analysts have commented on LBRX shares. Guggenheim reaffirmed a "buy" rating on shares of LB Pharmaceuticals in a report on Monday. BMO Capital Markets upped their target price on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 12th. Canaccord Genuity Group started coverage on shares of LB Pharmaceuticals in a report on Friday, October 9th. They issued a "buy" rating and a $65.00 price target on the stock. HC Wainwright reiterated a "buy" rating on shares of LB Pharmaceuticals in a research note on Monday. Finally, Stifel Nicolaus set a $53.00 target price on shares of LB Pharmaceuticals in a research report on Thursday, August 13th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, LB Pharmaceuticals has an average rating of "Moderate Buy" and an average target price of $57.40.

LB Pharmaceuticals Trading Up 1.1%

The firm has a market cap of $1.20 billion and a PE ratio of -10.68. The business has a fifty day moving average price of $43.07 and a 200 day moving average price of $35.27.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.87). On average, research analysts expect that LB Pharmaceuticals Inc will post -5.70 earnings per share for the current fiscal year.

Institutional Trading of LB Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in LBRX. Wellington Management Group LLP raised its stake in shares of LB Pharmaceuticals by 11.9% in the 2nd quarter. Wellington Management Group LLP now owns 58,891 shares of the company's stock valued at $1,911,000 after acquiring an additional 6,251 shares during the period. Great Lakes Advisors LLC acquired a new stake in LB Pharmaceuticals in the second quarter worth approximately $987,000. Bank of New York Mellon Corp acquired a new position in LB Pharmaceuticals in the second quarter worth approximately $1,784,000. Stempoint Capital LP acquired a new stake in LB Pharmaceuticals during the 1st quarter worth about $1,233,000. Finally, Janus Henderson Group PLC acquired a new position in LB Pharmaceuticals during the first quarter valued at $1,613,000.

LB Pharmaceuticals Company Profile

LB Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system and neuropsychiatric disorders. The company's lead product candidate is LB-102, an oral prodrug of amisulpride, an established antipsychotic medicine that is approved in certain countries outside the United States but is not currently approved in the U.S.

LB-102 is being developed for the treatment of schizophrenia, with the company seeking to evaluate its potential to address the needs of patients and healthcare providers in the U.S.

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