LB Pharmaceuticals (NASDAQ:LBRX) Issues Earnings Results, Misses Expectations By $0.87 EPS

LB Pharmaceuticals (NASDAQ:LBRX) released its quarterly earnings data on Tuesday. The company reported ($1.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87), FiscalAI reports.

LB Pharmaceuticals Trading Down 4.5%

LBRX stock opened at $45.85 on Tuesday. LB Pharmaceuticals has a 1-year low of $13.36 and a 1-year high of $49.14. The firm has a market cap of $1.31 billion and a PE ratio of -26.50. The business’s 50-day moving average price is $33.61 and its two-hundred day moving average price is $28.78.

Hedge Funds Weigh In On LB Pharmaceuticals

Several institutional investors have recently modified their holdings of the business. Great Lakes Advisors LLC bought a new stake in LB Pharmaceuticals during the 2nd quarter worth approximately $987,000. Bank of New York Mellon Corp bought a new position in LB Pharmaceuticals in the second quarter valued at approximately $1,784,000. Stempoint Capital LP acquired a new position in shares of LB Pharmaceuticals during the first quarter worth about $1,233,000. Janus Henderson Group PLC bought a new stake in shares of LB Pharmaceuticals in the first quarter worth $1,613,000. Finally, Eversept Partners LP acquired a new position in LB Pharmaceuticals during the first quarter worth $2,471,000.

Analysts Set New Price Targets

Several analysts have recently commented on LBRX shares. Piper Sandler reissued an “overweight” rating and set a $78.00 price target on shares of LB Pharmaceuticals in a research note on Monday, August 3rd. Wall Street Zen upgraded LB Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Sunday, June 21st. Wolfe Research began coverage on LB Pharmaceuticals in a research note on Tuesday, July 7th. They issued an “outperform” rating and a $45.00 target price for the company. Weiss Ratings raised LB Pharmaceuticals from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Friday, July 24th. Finally, BMO Capital Markets started coverage on shares of LB Pharmaceuticals in a research note on Monday, July 20th. They issued an “outperform” rating and a $46.00 price objective on the stock. Two equities research analysts have 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $45.12.

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.