LB Pharmaceuticals (NASDAQ:LBRX) Announces Quarterly Earnings Results

LB Pharmaceuticals (NASDAQ:LBRX) released its quarterly earnings data on Thursday. The company reported ($0.45) EPS for the quarter, meeting the consensus estimate of ($0.45), Zacks reports.

LB Pharmaceuticals Price Performance

LBRX stock traded down $0.19 during mid-day trading on Friday, reaching $24.34. 54,662 shares of the stock traded hands, compared to its average volume of 227,481. LB Pharmaceuticals has a one year low of $13.36 and a one year high of $27.55. The firm has a market cap of $615.83 million and a PE ratio of -39.90. The company has a 50-day simple moving average of $23.51.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of LB Pharmaceuticals from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday. Roth Mkm initiated coverage on LB Pharmaceuticals in a research note on Friday, January 9th. They set a “buy” rating and a $31.00 price objective on the stock. Finally, Weiss Ratings restated a “sell (e)” rating on shares of LB Pharmaceuticals in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, LB Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Hedge Funds Weigh In On LB Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System purchased a new position in shares of LB Pharmaceuticals during the fourth quarter worth approximately $26,000. Bank of America Corp DE purchased a new stake in shares of LB Pharmaceuticals in the third quarter valued at approximately $27,000. Russell Investments Group Ltd. bought a new position in LB Pharmaceuticals in the fourth quarter worth approximately $34,000. Persistent Asset Partners Ltd purchased a new position in LB Pharmaceuticals during the 4th quarter worth $91,000. Finally, Police & Firemen s Retirement System of New Jersey bought a new stake in LB Pharmaceuticals during the 4th quarter valued at $98,000.

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. 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.