LB Pharmaceuticals (NASDAQ:LBRX) Hits New 12-Month High – Here’s What Happened

LB Pharmaceuticals Inc (NASDAQ:LBRX) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $34.88 and last traded at $34.29, with a volume of 412098 shares traded. The stock had previously closed at $33.41.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on LBRX shares. Roth Capital reaffirmed a “buy” rating and set a $37.00 target price on shares of LB Pharmaceuticals in a research note on Sunday, May 17th. Wolfe Research began coverage on shares of LB Pharmaceuticals in a report on Tuesday. They set an “outperform” rating and a $45.00 price target for the company. Weiss Ratings upgraded shares of LB Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 11th. Stifel Nicolaus lifted their price objective on shares of LB Pharmaceuticals from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, March 27th. Finally, Craig Hallum assumed coverage on LB Pharmaceuticals in a report on Friday, April 10th. They issued a “buy” rating and a $36.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.50.

LB Pharmaceuticals Trading Up 2.6%

The firm’s fifty day moving average price is $30.13 and its 200-day moving average price is $26.04. The firm has a market cap of $983.44 million and a price-to-earnings ratio of -19.82.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.67) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.08. On average, sell-side analysts expect that LB Pharmaceuticals Inc will post -3.58 earnings per share for the current year.

Institutional Trading of LB Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System purchased a new position in LB Pharmaceuticals during the 4th quarter worth approximately $26,000. Russell Investments Group Ltd. acquired a new stake in shares of LB Pharmaceuticals in the fourth quarter valued at approximately $34,000. Bank of America Corp DE acquired a new stake in shares of LB Pharmaceuticals in the third quarter valued at approximately $27,000. Strs Ohio purchased a new position in shares of LB Pharmaceuticals during the fourth quarter worth approximately $76,000. Finally, Persistent Asset Partners Ltd acquired a new position in shares of LB Pharmaceuticals in the 4th quarter valued at $91,000.

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.