LB Pharmaceuticals (NASDAQ:LBRX) Sets New 12-Month High – Here’s Why

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $25.39 and last traded at $25.15, with a volume of 26798 shares trading hands. The stock had previously closed at $24.01.

Wall Street Analysts Forecast Growth

LBRX has been the subject of a number of recent research reports. Roth Mkm initiated coverage on shares of LB Pharmaceuticals in a research note on Friday, January 9th. They set a “buy” rating and a $31.00 price target for the company. Stifel Nicolaus increased their target price on LB Pharmaceuticals from $27.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Weiss Ratings restated a “sell (e)” rating on shares of LB Pharmaceuticals in a report on Monday, December 29th. One 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $33.33.

LB Pharmaceuticals Price Performance

The company has a 50-day simple moving average of $21.93. The stock has a market capitalization of $638.83 million and a P/E ratio of -41.39.

Hedge Funds Weigh In On LB Pharmaceuticals

Several institutional investors have recently modified their holdings of the business. California State Teachers Retirement System acquired a new position in shares of LB Pharmaceuticals during the 4th quarter worth about $26,000. Russell Investments Group Ltd. acquired a new position in LB Pharmaceuticals during the fourth quarter worth approximately $34,000. Bank of America Corp DE bought a new stake in LB Pharmaceuticals in the third quarter valued at approximately $27,000. Strs Ohio acquired a new stake in shares of LB Pharmaceuticals in the fourth quarter valued at approximately $76,000. Finally, Persistent Asset Partners Ltd bought a new position in shares of LB Pharmaceuticals during the 4th quarter worth approximately $91,000.

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.