LB Pharmaceuticals (NASDAQ:LBRX) Stock Price Up 4.7% – Time to Buy?

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price shot up 4.7% during trading on Wednesday. The stock traded as high as $35.43 and last traded at $35.87. Approximately 51,323 shares were traded during trading, a decline of 82% from the average session volume of 277,922 shares. The stock had previously closed at $34.26.

Analyst Ratings Changes

LBRX has been the subject of several analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price target on shares of LB Pharmaceuticals in a research note on Monday, August 3rd. Guggenheim began coverage on shares of LB Pharmaceuticals in a research note on Tuesday. They issued a “buy” rating and a $80.00 price objective on the stock. Wolfe Research initiated coverage on LB Pharmaceuticals in a report on Tuesday, July 7th. They issued an “outperform” rating and a $45.00 price objective for the company. Wall Street Zen downgraded LB Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday. Finally, HC Wainwright upped their price target on LB Pharmaceuticals from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, August 24th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $56.56.

LB Pharmaceuticals Price Performance

The company’s 50-day moving average price is $44.14 and its two-hundred day moving average price is $34.70. The company has a market capitalization of $1.13 billion and a price-to-earnings ratio of -10.20.

LB Pharmaceuticals (NASDAQ:LBRX) last released its earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.87). On average, equities research analysts expect that LB Pharmaceuticals Inc will post -5.78 EPS for the current fiscal year.

Institutional Investors Weigh In On LB Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. Strs Ohio increased its holdings in LB Pharmaceuticals by 50.0% in the first quarter. Strs Ohio now owns 5,100 shares of the company’s stock worth $126,000 after purchasing an additional 1,700 shares in the last quarter. Meyer Handelman Co. bought a new position in shares of LB Pharmaceuticals during the 1st quarter worth approximately $372,000. Calamos Advisors LLC acquired a new stake in shares of LB Pharmaceuticals during the 1st quarter worth approximately $593,000. Great Lakes Advisors LLC bought a new stake in shares of LB Pharmaceuticals in the 2nd quarter valued at $987,000. Finally, Bank of New York Mellon Corp lifted its position in shares of LB Pharmaceuticals by 12.2% during the 1st quarter. Bank of New York Mellon Corp now owns 45,457 shares of the company’s stock valued at $1,121,000 after acquiring an additional 4,940 shares during the period.

About LB Pharmaceuticals

LB Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system and neuropsychiatric disorders. The company’s lead product candidate is LB-102, an oral prodrug of amisulpride, an established antipsychotic medicine that is approved in certain countries outside the United States but is not currently approved in the U.S.

LB-102 is being developed for the treatment of schizophrenia, with the company seeking to evaluate its potential to address the needs of patients and healthcare providers in the U.S.