LB Pharmaceuticals Inc’s (NASDAQ:LBRX) Quiet Period To Expire Tomorrow

LB Pharmaceuticals’ (NASDAQ:LBRX) quiet period is set to expire on Tuesday, October 21st. LB Pharmaceuticals had issued 19,000,000 shares in its IPO on September 11th. The total size of the offering was $285,000,000 based on an initial share price of $15.00. During the company’s quiet period, underwriters and any insiders that worked on the IPO are prevented from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wall Street Zen raised LB Pharmaceuticals to a “hold” rating in a research report on Monday, September 22nd. Piper Sandler assumed coverage on shares of LB Pharmaceuticals in a research note on Monday, October 6th. They set an “overweight” rating for the company. Zacks Research upgraded shares of LB Pharmaceuticals to a “hold” rating in a research report on Tuesday, October 7th. Stifel Nicolaus began coverage on shares of LB Pharmaceuticals in a report on Monday, October 6th. They issued a “buy” rating and a $27.00 price target for the company. Finally, Leerink Partners initiated coverage on shares of LB Pharmaceuticals in a research note on Monday, October 6th. They set an “outperform” rating and a $34.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $30.50.

LB Pharmaceuticals Stock Performance

Shares of LBRX opened at $15.60 on Monday. LB Pharmaceuticals has a 1 year low of $13.36 and a 1 year high of $20.25.

Insider Buying and Selling

In other news, Director Ran Nussbaum purchased 1,000,000 shares of the company’s stock in a transaction on Friday, September 12th. The shares were bought at an average price of $15.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the director owned 1,411,681 shares of the company’s stock, valued at $21,175,215. This trade represents a 242.91% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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.