Jennison Associates LLC Raises Stock Holdings in LB Pharmaceuticals Inc $LBRX

Jennison Associates LLC lifted its holdings in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) by 11.2% in the 4th quarter, Holdings Channel reports. The firm owned 821,852 shares of the company’s stock after acquiring an additional 82,812 shares during the period. Jennison Associates LLC’s holdings in LB Pharmaceuticals were worth $18,294,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Bank of America Corp DE purchased a new position in shares of LB Pharmaceuticals during the third quarter worth about $27,000. SG Americas Securities LLC purchased a new position in shares of LB Pharmaceuticals during the fourth quarter worth about $143,000. Federated Hermes Inc. purchased a new position in shares of LB Pharmaceuticals during the third quarter worth about $142,000. Landscape Capital Management L.L.C. purchased a new position in shares of LB Pharmaceuticals during the third quarter worth about $168,000. Finally, Jefferies Financial Group Inc. purchased a new position in shares of LB Pharmaceuticals during the third quarter worth about $207,000.

LB Pharmaceuticals Price Performance

Shares of LBRX opened at $31.43 on Friday. The firm has a market cap of $901.41 million and a P/E ratio of -29.65. The stock has a 50 day simple moving average of $26.12 and a two-hundred day simple moving average of $21.79. LB Pharmaceuticals Inc has a 1 year low of $13.36 and a 1 year high of $33.47.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its quarterly earnings data on Thursday, March 26th. The company reported ($0.45) earnings per share for the quarter, meeting the consensus estimate of ($0.45). On average, equities analysts anticipate that LB Pharmaceuticals Inc will post -3.79 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on LBRX shares. HC Wainwright started coverage on LB Pharmaceuticals in a research note on Monday, April 27th. They issued a “buy” rating and a $45.00 target price for the company. Roth Mkm started coverage on LB Pharmaceuticals in a research note on Friday, January 9th. They issued a “buy” rating and a $31.00 target price for the company. Craig Hallum started coverage on LB Pharmaceuticals in a research note on Friday, April 10th. They issued a “buy” rating and a $36.00 target price for the company. Finally, Stifel Nicolaus upped their target price on LB Pharmaceuticals from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.20.

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.