LB Pharmaceuticals (NASDAQ:LBRX) Announces Earnings Results, Beats Estimates By $0.08 EPS

LB Pharmaceuticals (NASDAQ:LBRX) posted its quarterly earnings results on Tuesday. The company reported ($0.67) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.08, FiscalAI reports.

LB Pharmaceuticals Stock Performance

Shares of LBRX traded down $0.61 during mid-day trading on Thursday, reaching $31.70. 51,380 shares of the company’s stock traded hands, compared to its average volume of 234,829. The business’s 50-day moving average price is $27.22 and its 200-day moving average price is $22.63. The stock has a market capitalization of $909.16 million and a P/E ratio of -29.90. LB Pharmaceuticals has a 12 month low of $13.36 and a 12 month high of $33.47.

Wall Street Analysts Forecast Growth

LBRX has been the subject of a number of research reports. Stifel Nicolaus lifted their price target on LB Pharmaceuticals from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 27th. HC Wainwright initiated coverage on shares of LB Pharmaceuticals in a report on Monday, April 27th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, Craig Hallum initiated coverage on shares of LB Pharmaceuticals in a report on Friday, April 10th. They issued a “buy” rating and a $36.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $37.20.

Institutional Investors Weigh In On LB Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its holdings in shares of LB Pharmaceuticals by 12.2% during the first quarter. Bank of New York Mellon Corp now owns 45,457 shares of the company’s stock valued at $1,121,000 after buying an additional 4,940 shares during the last quarter. Calamos Advisors LLC bought a new stake in shares of LB Pharmaceuticals during the first quarter valued at approximately $593,000. Strs Ohio raised its holdings in shares of LB Pharmaceuticals by 50.0% during the first quarter. Strs Ohio now owns 5,100 shares of the company’s stock valued at $126,000 after buying an additional 1,700 shares during the last quarter. Meyer Handelman Co. bought a new stake in shares of LB Pharmaceuticals during the first quarter valued at approximately $372,000. Finally, Invesco Ltd. bought a new stake in shares of LB Pharmaceuticals during the fourth quarter valued at approximately $244,000.

LB Pharmaceuticals Company Profile

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.