LB Pharmaceuticals (NASDAQ:LBRX) Shares Up 8.2% – What’s Next?

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price was up 8.2% during mid-day trading on Wednesday . The company traded as high as $38.00 and last traded at $37.7950. 95,556 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 249,791 shares. The stock had previously closed at $34.94.

Analysts Set New Price Targets

LBRX has been the topic of a number of research analyst reports. Weiss Ratings raised LB Pharmaceuticals from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Friday, July 24th. Craig Hallum started coverage on LB Pharmaceuticals in a research report on Friday, April 10th. They issued a “buy” rating and a $36.00 price objective for the company. BMO Capital Markets began coverage on LB Pharmaceuticals in a research note on Monday, July 20th. They set an “outperform” rating and a $46.00 target price for the company. Roth Capital restated a “buy” rating and set a $37.00 target price on shares of LB Pharmaceuticals in a report on Sunday, May 17th. Finally, Wolfe Research started coverage on shares of LB Pharmaceuticals in a report on Tuesday, July 7th. They issued an “outperform” rating and a $45.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $40.43.

LB Pharmaceuticals Stock Performance

The stock has a fifty day simple moving average of $31.23 and a 200-day simple moving average of $27.55. The stock has a market cap of $1.17 billion and a P/E ratio of -23.64.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.67) EPS for the quarter, beating analysts’ consensus estimates of ($0.75) by $0.08. On average, research analysts anticipate that LB Pharmaceuticals Inc will post -3.58 earnings per share for the current year.

Hedge Funds Weigh In On LB Pharmaceuticals

A number of large investors have recently bought and sold shares of LBRX. Deep Track Capital LP acquired a new stake in shares of LB Pharmaceuticals in the third quarter valued at approximately $52,941,000. RA Capital Management L.P. acquired a new position in LB Pharmaceuticals during the third quarter worth $28,058,000. TCG Crossover Management LLC acquired a new position in LB Pharmaceuticals during the third quarter worth $27,554,000. Spruce Street Capital LP bought a new position in LB Pharmaceuticals in the fourth quarter valued at $22,384,000. Finally, Balyasny Asset Management L.P. acquired a new stake in LB Pharmaceuticals in the 3rd quarter valued at $15,289,000.

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.