Commodore Capital LP Invests $23.69 Million in LB Pharmaceuticals Inc $LBRX

Commodore Capital LP acquired a new position in LB Pharmaceuticals Inc (NASDAQ:LBRX) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 1,500,000 shares of the company’s stock, valued at approximately $23,685,000. LB Pharmaceuticals comprises 1.2% of Commodore Capital LP’s investment portfolio, making the stock its 27th biggest holding. Commodore Capital LP owned about 0.06% of LB Pharmaceuticals as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of America Corp DE bought a new position in LB Pharmaceuticals in the 3rd quarter worth about $27,000. Federated Hermes Inc. bought a new stake in shares of LB Pharmaceuticals during the third quarter valued at approximately $142,000. Landscape Capital Management L.L.C. acquired a new position in shares of LB Pharmaceuticals during the third quarter worth approximately $168,000. Jefferies Financial Group Inc. bought a new position in LB Pharmaceuticals in the 3rd quarter worth approximately $207,000. Finally, Two Sigma Investments LP acquired a new stake in LB Pharmaceuticals in the 3rd quarter valued at approximately $213,000.

LB Pharmaceuticals Price Performance

LBRX opened at $25.67 on Friday. The business has a 50 day moving average price of $22.80. The firm has a market capitalization of $649.43 million and a P/E ratio of -42.08. LB Pharmaceuticals Inc has a 1-year low of $13.36 and a 1-year high of $26.65.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “sell (e)” rating on shares of LB Pharmaceuticals in a research report on Monday, December 29th. 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 objective on the stock. Finally, Stifel Nicolaus upped their price objective on shares of LB Pharmaceuticals from $27.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, LB Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $33.33.

LB Pharmaceuticals Company Profile

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.