Candriam S.C.A. Buys New Stake in LB Pharmaceuticals Inc $LBRX

Candriam S.C.A. purchased a new position in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 284,233 shares of the company’s stock, valued at approximately $10,949,000.

Several other hedge funds have also made changes to their positions in the stock. Alps Advisors Inc. boosted its position in LB Pharmaceuticals by 46.8% during the 3rd quarter. Alps Advisors Inc. now owns 42,732 shares of the company’s stock valued at $1,640,000 after purchasing an additional 13,630 shares during the period. Profund Advisors LLC acquired a new stake in LB Pharmaceuticals in the third quarter worth $1,082,000. Sigma Planning Corp bought a new stake in LB Pharmaceuticals in the third quarter valued at $1,151,000. Wellington Management Group LLP boosted its holdings 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 valued at $1,911,000 after acquiring an additional 6,251 shares during the period. Finally, Great Lakes Advisors LLC acquired a new position in shares of LB Pharmaceuticals during the second quarter valued at $987,000.

Analysts Set New Price Targets

Several research firms have recently commented on LBRX. Wall Street Zen lowered shares of LB Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Sunday. Guggenheim reiterated a “buy” rating on shares of LB Pharmaceuticals in a research report on Monday, October 12th. Roth Capital lowered shares of LB Pharmaceuticals from a “buy” rating to a “neutral” rating and reduced their target price for the company from $37.00 to $35.00 in a research note on Monday, October 5th. BMO Capital Markets upped their target price on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 12th. Finally, Canaccord Genuity Group assumed coverage on shares of LB Pharmaceuticals in a research note on Friday, October 9th. They issued a “buy” rating and a $65.00 price target on the stock. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, LB Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.40.

LB Pharmaceuticals Price Performance

Shares of LB Pharmaceuticals stock opened at $45.12 on Tuesday. The business’s fifty day moving average price is $40.52 and its two-hundred day moving average price is $33.06. The company has a market capitalization of $1.46 billion, a P/E ratio of -9.77 and a beta of 0.82. LB Pharmaceuticals Inc has a 1-year low of $14.32 and a 1-year high of $50.16.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.61) by ($0.18). On average, research analysts expect that LB Pharmaceuticals Inc will post -5.70 earnings per share for the current fiscal year.

About LB Pharmaceuticals

LB Pharmaceuticals is a clinical-stage biopharmaceutical company developing treatments for serious neuropsychiatric disorders. Its research focuses on medicines intended to address conditions with significant unmet treatment needs.

The company’s lead candidate, LB-102, is an oral investigational drug being studied for schizophrenia. LB Pharmaceuticals has also identified other psychiatric conditions, including bipolar disorder, as potential areas of development.

LB-102 has not been approved for commercial use, and its safety and effectiveness have not been established by regulators.