LB Pharmaceuticals (NASDAQ:LBRX) Issues Earnings Results, Misses Estimates By $0.04 EPS

LB Pharmaceuticals (NASDAQ:LBRX) posted its quarterly earnings results on Thursday. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.04), Zacks reports.

LB Pharmaceuticals Price Performance

Shares of LBRX traded down $0.16 during midday trading on Friday, hitting $15.35. The stock had a trading volume of 151,400 shares, compared to its average volume of 97,845. LB Pharmaceuticals has a 1 year low of $13.36 and a 1 year high of $20.25.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LBRX. Leerink Partnrs raised shares of LB Pharmaceuticals to a “strong-buy” rating in a report on Monday, October 6th. Zacks Research upgraded LB Pharmaceuticals to a “hold” rating in a research note on Tuesday, October 7th. Leerink Partners started coverage on LB Pharmaceuticals in a research note on Monday, October 6th. They issued an “outperform” rating and a $34.00 price objective for the company. Piper Sandler began coverage on shares of LB Pharmaceuticals in a report on Monday, October 6th. They issued an “overweight” rating on the stock. Finally, Wall Street Zen raised LB Pharmaceuticals to a “hold” rating in a research note on Monday, September 22nd. One investment 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $30.50.

Insiders Place Their Bets

In other news, Director Ran Nussbaum acquired 1,000,000 shares of the firm’s stock in a transaction on Friday, September 12th. The stock was acquired at an average price of $15.00 per share, with a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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.