LB Pharmaceuticals (NASDAQ:LBRX) Hits New 1-Year High – Should You Buy?

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

Analyst Upgrades and Downgrades

LBRX has been the subject of several research reports. Wolfe Research initiated coverage on shares of LB Pharmaceuticals in a research note on Tuesday. They set an “outperform” rating and a $45.00 price objective for the company. HC Wainwright reissued a “buy” rating on shares of LB Pharmaceuticals in a research note on Monday, June 22nd. Stifel Nicolaus boosted their target price on LB Pharmaceuticals from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, March 27th. Wall Street Zen raised LB Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, June 21st. Finally, Craig Hallum initiated coverage on LB Pharmaceuticals in a research report on Friday, April 10th. They set a “buy” rating and a $36.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.50.

LB Pharmaceuticals Trading Up 2.6%

The firm has a market cap of $983.44 million and a price-to-earnings ratio of -19.82. The stock’s fifty day moving average price is $30.13 and its 200-day moving average price is $26.04.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.67) earnings per share for the quarter, topping the consensus estimate of ($0.75) by $0.08. Analysts predict that LB Pharmaceuticals Inc will post -3.58 earnings per share for the current year.

Institutional Trading of LB Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of LBRX. Stempoint Capital LP purchased a new stake in LB Pharmaceuticals in the 1st quarter valued at about $1,233,000. Janus Henderson Group PLC acquired a new stake in shares of LB Pharmaceuticals during the first quarter valued at about $1,613,000. Eversept Partners LP purchased a new stake in shares of LB Pharmaceuticals in the 1st quarter valued at approximately $2,471,000. Spruce Street Capital LP lifted its holdings in shares of LB Pharmaceuticals by 36.9% in the 1st quarter. Spruce Street Capital LP now owns 1,376,159 shares of the company’s stock worth $33,645,000 after acquiring an additional 370,566 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of LB Pharmaceuticals by 12.2% during the 1st quarter. Bank of New York Mellon Corp now owns 45,457 shares of the company’s stock worth $1,121,000 after purchasing an additional 4,940 shares during the period.

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.