LB Pharmaceuticals (NASDAQ:LBRX) Stock Rating Raised to Strong-Buy at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of LB Pharmaceuticals (NASDAQ:LBRX) to a strong-buy rating in a research report sent to investors on Friday morning, MarketBeat reports. They currently have $65.00 price objective on the stock.

Several other equities research analysts have also issued reports on LBRX. Wolfe Research assumed coverage on LB Pharmaceuticals in a research report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price target on the stock. Weiss Ratings cut shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Piper Sandler reissued an “overweight” rating and issued a $78.00 price target on shares of LB Pharmaceuticals in a report on Monday, August 3rd. Roth Capital downgraded shares of LB Pharmaceuticals from a “buy” rating to a “neutral” rating and reduced their price target for the company from $37.00 to $35.00 in a report on Monday, October 5th. Finally, BMO Capital Markets lifted their price target on LB Pharmaceuticals from $46.00 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, LB Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $57.40.

LB Pharmaceuticals Price Performance

Shares of LB Pharmaceuticals stock opened at $37.22 on Friday. LB Pharmaceuticals has a 1-year low of $14.32 and a 1-year high of $50.16. The business has a 50-day moving average of $43.86 and a 200-day moving average of $34.87. The company has a market capitalization of $1.20 billion and a PE ratio of -10.82.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87). On average, equities analysts expect that LB Pharmaceuticals will post -5.70 earnings per share for the current fiscal year.

Institutional Trading of LB Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Spruce Street Capital LP acquired a new stake in LB Pharmaceuticals during the fourth quarter valued at $22,384,000. Janus Henderson Group PLC acquired a new position in LB Pharmaceuticals during the first quarter worth $1,613,000. Bank of New York Mellon Corp acquired a new position in shares of LB Pharmaceuticals during the 2nd quarter valued at about $1,784,000. Stempoint Capital LP acquired a new position in LB Pharmaceuticals during the first quarter valued at approximately $1,233,000. Finally, Eversept Partners LP acquired a new position in LB Pharmaceuticals in the 1st quarter valued at $2,471,000.

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.