Great Lakes Advisors LLC Takes Position in LB Pharmaceuticals Inc $LBRX

Great Lakes Advisors LLC purchased a new position in LB Pharmaceuticals Inc (NASDAQ:LBRX) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 30,410 shares of the company’s stock, valued at approximately $987,000.

A number of other institutional investors have also made changes to their positions in the stock. Spruce Street Capital LP acquired a new position in LB Pharmaceuticals in the fourth quarter valued at about $22,384,000. Janus Henderson Group PLC bought a new position in LB Pharmaceuticals during the first quarter worth about $1,613,000. Stempoint Capital LP acquired a new position in shares of LB Pharmaceuticals during the 1st quarter worth about $1,233,000. Jennison Associates LLC increased its stake in shares of LB Pharmaceuticals by 11.2% in the 4th quarter. Jennison Associates LLC now owns 821,852 shares of the company’s stock valued at $18,294,000 after acquiring an additional 82,812 shares during the last quarter. Finally, Eversept Partners LP bought a new stake in shares of LB Pharmaceuticals in the 1st quarter valued at about $2,471,000.

LB Pharmaceuticals Stock Performance

Shares of LBRX opened at $47.62 on Friday. The stock has a 50 day simple moving average of $36.92 and a 200 day simple moving average of $30.28. LB Pharmaceuticals Inc has a 52-week low of $13.36 and a 52-week high of $49.97. The firm has a market capitalization of $1.54 billion and a PE ratio of -13.84.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its earnings results on Tuesday, August 11th. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.87). Equities research analysts predict that LB Pharmaceuticals Inc will post -4.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Roth Capital reissued a “buy” rating and set a $37.00 price objective on shares of LB Pharmaceuticals in a research note on Sunday, May 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $78.00 target price on shares of LB Pharmaceuticals in a research note on Monday, August 3rd. Stifel Nicolaus set a $53.00 target price on shares of LB Pharmaceuticals in a report on Thursday, August 13th. Wolfe Research assumed coverage on shares of LB Pharmaceuticals in a research report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price target on the stock. Finally, Wall Street Zen lowered shares of LB Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.75.

About LB Pharmaceuticals

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.