300,000 Shares in LB Pharmaceuticals Inc $LBRX Acquired by Nan Fung Group Holdings Ltd

Nan Fung Group Holdings Ltd bought a new stake in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) during the 3rd quarter, HoldingsChannel.com reports. The firm bought 300,000 shares of the company’s stock, valued at approximately $4,737,000. LB Pharmaceuticals accounts for 7.9% of Nan Fung Group Holdings Ltd’s portfolio, making the stock its 6th largest position.

Other hedge funds also recently modified their holdings of the company. Federated Hermes Inc. acquired a new stake in shares of LB Pharmaceuticals in the third quarter worth $142,000. Landscape Capital Management L.L.C. acquired a new position in LB Pharmaceuticals during the third quarter valued at $168,000. Jefferies Financial Group Inc. purchased a new stake in LB Pharmaceuticals in the 3rd quarter worth about $207,000. TD Asset Management Inc purchased a new stake in LB Pharmaceuticals in the 3rd quarter worth about $581,000. Finally, Monashee Investment Management LLC acquired a new stake in LB Pharmaceuticals during the 3rd quarter worth about $632,000.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on LBRX. Roth Mkm began coverage on LB Pharmaceuticals in a report on Friday, January 9th. They issued a “buy” rating and a $31.00 target price on the stock. Weiss Ratings restated a “sell (e)” rating on shares of LB Pharmaceuticals in a report on Monday, December 29th. Finally, Stifel Nicolaus boosted their price objective on shares of LB Pharmaceuticals from $27.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $33.33.

LB Pharmaceuticals Trading Up 2.9%

LBRX opened at $25.67 on Friday. The company’s fifty day moving average price is $22.80. LB Pharmaceuticals Inc has a 1 year low of $13.36 and a 1 year high of $26.65. The firm has a market capitalization of $649.45 million and a PE ratio of -42.08.

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.