LB Pharmaceuticals (NASDAQ:LBRX) Sees Unusually-High Trading Volume – Should You Buy?

LB Pharmaceuticals Inc (NASDAQ:LBRX) shares saw unusually-strong trading volume on Thursday . Approximately 215,795 shares changed hands during trading, a decline of 4% from the previous session’s volume of 224,237 shares.The stock last traded at $29.6050 and had previously closed at $30.05.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on LBRX shares. HC Wainwright reaffirmed a “buy” rating on shares of LB Pharmaceuticals in a research report on Tuesday, May 26th. Stifel Nicolaus raised their price target on LB Pharmaceuticals from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, March 27th. Craig Hallum began coverage on LB Pharmaceuticals in a research report on Friday, April 10th. They set a “buy” rating and a $36.00 price target on the stock. Roth Mkm reiterated a “buy” rating and set a $37.00 price objective on shares of LB Pharmaceuticals in a report on Sunday, May 17th. Finally, Wall Street Zen downgraded LB Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $38.40.

LB Pharmaceuticals Trading Down 1.4%

The company has a 50 day moving average price of $29.19 and a 200 day moving average price of $24.84. The company has a market capitalization of $849.65 million and a P/E ratio of -17.14.

LB Pharmaceuticals (NASDAQ:LBRX) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.67) earnings per share for the quarter, topping the consensus estimate of ($0.75) by $0.08. As a group, sell-side analysts forecast that LB Pharmaceuticals Inc will post -3.58 EPS for the current fiscal year.

Hedge Funds Weigh In On LB Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of LBRX. California State Teachers Retirement System bought a new stake in LB Pharmaceuticals during the 4th quarter worth $26,000. Jane Street Group LLC grew its position in LB Pharmaceuticals by 4.6% during the 4th quarter. Jane Street Group LLC now owns 31,733 shares of the company’s stock worth $706,000 after acquiring an additional 1,388 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in LB Pharmaceuticals during the 4th quarter worth $34,000. Strs Ohio grew its position in LB Pharmaceuticals by 50.0% during the 1st 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. Finally, Bank of America Corp DE bought a new stake in LB Pharmaceuticals during the 3rd quarter worth $27,000.

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.