LB Pharmaceuticals (NASDAQ:LBRX) Reaches New 52-Week High – What’s Next?

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $34.88 and last traded at $34.29, with a volume of 412098 shares trading hands. The stock had previously closed at $33.41.

Analyst Ratings Changes

LBRX has been the topic of several analyst reports. Stifel Nicolaus lifted their target price on shares of LB Pharmaceuticals from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 27th. Roth Capital reissued a “buy” rating and issued a $37.00 price target on shares of LB Pharmaceuticals in a report on Sunday, May 17th. HC Wainwright restated a “buy” rating on shares of LB Pharmaceuticals in a research report on Monday, June 22nd. Wall Street Zen upgraded shares of LB Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, June 21st. Finally, Weiss Ratings raised LB Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued 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 an average target price of $39.50.

LB Pharmaceuticals Price Performance

The firm has a market cap of $967.66 million and a PE ratio of -19.50. The firm has a 50-day simple moving average of $30.23 and a 200 day simple moving average of $26.23.

LB Pharmaceuticals (NASDAQ:LBRX) last released its earnings results on Tuesday, May 12th. The company reported ($0.67) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.08. Sell-side analysts forecast that LB Pharmaceuticals Inc will post -3.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On LB Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System purchased a new position in shares of LB Pharmaceuticals during the fourth quarter valued at approximately $26,000. Bank of America Corp DE bought a new position in LB Pharmaceuticals during the 3rd quarter valued at approximately $27,000. Russell Investments Group Ltd. bought a new position in LB Pharmaceuticals during the 4th quarter valued at approximately $34,000. Strs Ohio purchased a new position in LB Pharmaceuticals during the fourth quarter valued at $76,000. Finally, Persistent Asset Partners Ltd bought a new stake in LB Pharmaceuticals in the fourth quarter worth $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.