LB Pharmaceuticals (NASDAQ:LBRX) Stock Price Down 7% - Here's What Happened

Key Points

• LB Pharmaceuticals shares fell 7% to $34.60, with trading volume down 73% from the average daily level.
• Analyst sentiment remains broadly positive: ten analysts rate the stock Buy, with an average target price of $57.40, although Roth Capital downgraded it to Neutral and lowered its target to $35.
• The clinical-stage biotech missed quarterly earnings expectations, reporting an EPS loss of $1.71 versus the anticipated $0.84 loss; analysts expect a full-year loss of $5.70 per share.

LB Pharmaceuticals Inc (NASDAQ:LBRX - Get Free Report) shares traded down 7% during trading on Monday. The stock traded as low as $35.02 and last traded at $34.60. 76,497 shares were traded during trading, a decline of 73% from the average daily volume of 281,304 shares. The stock had previously closed at $37.22.

Wall Street Analyst Weigh In

Several research firms recently issued reports on LBRX. Guggenheim reiterated a "buy" rating on shares of LB Pharmaceuticals in a report on Monday. Raymond James Financial raised LB Pharmaceuticals to a "buy" rating in a research note on Monday. Needham & Company LLC initiated coverage on LB Pharmaceuticals in a report on Friday, October 2nd. They set a "buy" rating and a $68.00 target price for the company. Stifel Nicolaus set a $53.00 target price on LB Pharmaceuticals in a research report on Thursday, August 13th. Finally, Roth Capital lowered shares of LB Pharmaceuticals from a "buy" rating to a "neutral" rating and cut their price target for the stock from $37.00 to $35.00 in a research note on Monday, October 5th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $57.40.

LB Pharmaceuticals Stock Performance

The company has a market cap of $1.13 billion and a PE ratio of -10.20. The company's 50-day simple moving average is $43.86 and its 200 day simple moving average is $34.95.

LB Pharmaceuticals (NASDAQ:LBRX - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($1.71) earnings per share for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.87). Analysts forecast that LB Pharmaceuticals Inc will post -5.70 EPS for the current year.

Institutional Investors Weigh In On LB Pharmaceuticals

Several large investors have recently bought and sold shares of LBRX. Wellington Management Group LLP grew its position in shares of LB Pharmaceuticals by 11.9% during the second quarter. Wellington Management Group LLP now owns 58,891 shares of the company's stock worth $1,911,000 after buying an additional 6,251 shares in the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of LB Pharmaceuticals during the second quarter worth approximately $987,000. Bank of New York Mellon Corp acquired a new stake in LB Pharmaceuticals in the second quarter valued at approximately $1,784,000. Stempoint Capital LP acquired a new stake in LB Pharmaceuticals in the first quarter valued at approximately $1,233,000. Finally, Janus Henderson Group PLC acquired a new stake in LB Pharmaceuticals in the first quarter valued at approximately $1,613,000.

About LB Pharmaceuticals

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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