LB Pharmaceuticals (NASDAQ:LBRX) Hits New 52-Week High – Here’s What Happened

LB Pharmaceuticals Inc (NASDAQ:LBRX) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $20.33 and last traded at $20.25, with a volume of 33322 shares changing hands. The stock had previously closed at $19.25.

Analyst Ratings Changes

A number of research analysts have commented on LBRX shares. Zacks Research upgraded LB Pharmaceuticals to a “hold” rating in a research note on Tuesday, October 7th. Piper Sandler assumed coverage on LB Pharmaceuticals in a report on Monday, October 6th. They set an “overweight” rating on the stock. Wall Street Zen upgraded LB Pharmaceuticals to a “hold” rating in a report on Monday, September 22nd. Leerink Partnrs upgraded shares of LB Pharmaceuticals to a “strong-buy” rating in a research note on Monday, October 6th. Finally, Stifel Nicolaus initiated coverage on shares of LB Pharmaceuticals in a research report on Monday, October 6th. They set a “buy” rating and a $27.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $30.50.

LB Pharmaceuticals Stock Performance

The company has a 50-day moving average of $16.07.

LB Pharmaceuticals (NASDAQ:LBRX) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.04).

Insiders Place Their Bets

In other LB Pharmaceuticals news, Director Ran Nussbaum bought 1,000,000 shares of the stock in a transaction on Friday, September 12th. The stock was purchased at an average price of $15.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the director directly owned 1,411,681 shares in the company, valued at approximately $21,175,215. This trade represents a 242.91% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Investors Weigh In On LB Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. TCG Crossover Management LLC acquired a new position in LB Pharmaceuticals in the third quarter valued at approximately $27,554,000. Alyeska Investment Group L.P. acquired a new position in LB Pharmaceuticals during the 3rd quarter valued at approximately $10,658,000. Vivo Capital LLC bought a new position in LB Pharmaceuticals during the 3rd quarter worth $12,632,000. Quantessence Capital LLC bought a new stake in LB Pharmaceuticals in the third quarter valued at $225,000. Finally, RA Capital Management L.P. acquired a new position in shares of LB Pharmaceuticals during the third quarter valued at $28,058,000.

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.