LB Pharmaceuticals (NASDAQ:LBRX) Shares Climb 8.8% – Still a Buy?

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s share price was up 8.8% on Thursday. The company traded as high as $37.37 and last traded at $36.9980. 101,180 shares changed hands during trading, a decline of 64% from the average daily volume of 282,896 shares. The stock had previously closed at $34.00.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Roth Capital cut shares of LB Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their target price for the company from $37.00 to $35.00 in a research report on Monday, October 5th. Zacks Research downgraded shares of LB Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday. Wolfe Research initiated coverage on LB Pharmaceuticals in a report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price objective on the stock. Stifel Nicolaus set a $53.00 target price on LB Pharmaceuticals in a research report on Thursday, August 13th. Finally, Canaccord Genuity Group initiated coverage on LB Pharmaceuticals in a report on Friday, October 9th. They issued a “buy” rating and a $65.00 target price for the company. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.40.

LB Pharmaceuticals Price Performance

The company has a market capitalization of $1.19 billion and a PE ratio of -10.78. The company’s fifty day moving average is $43.30 and its 200-day moving average is $35.18.

LB Pharmaceuticals (NASDAQ:LBRX) last posted its earnings results 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). Equities research analysts forecast that LB Pharmaceuticals Inc will post -5.70 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Spruce Street Capital LP raised its position in shares of LB Pharmaceuticals by 36.9% in the 1st quarter. Spruce Street Capital LP now owns 1,376,159 shares of the company’s stock worth $33,645,000 after acquiring an additional 370,566 shares in the last quarter. Eversept Partners LP purchased a new position in LB Pharmaceuticals in the first quarter valued at about $2,471,000. Janus Henderson Group PLC purchased a new position in LB Pharmaceuticals in the first quarter valued at about $1,613,000. Bank of New York Mellon Corp bought a new position in LB Pharmaceuticals in the second quarter worth about $1,784,000. Finally, Stempoint Capital LP bought a new position in LB Pharmaceuticals in the first quarter worth about $1,233,000.

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.