LB Pharmaceuticals Inc $LBRX is Spruce Street Capital LP’s 3rd Largest Position

Spruce Street Capital LP grew its stake in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) by 36.9% in the first quarter, HoldingsChannel reports. The fund owned 1,376,159 shares of the company’s stock after buying an additional 370,566 shares during the quarter. LB Pharmaceuticals makes up about 8.1% of Spruce Street Capital LP’s portfolio, making the stock its 3rd largest position. Spruce Street Capital LP’s holdings in LB Pharmaceuticals were worth $33,645,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Deep Track Capital LP purchased a new position in LB Pharmaceuticals during the third quarter worth approximately $52,941,000. RA Capital Management L.P. grew its stake in shares of LB Pharmaceuticals by 24.3% during the 4th quarter. RA Capital Management L.P. now owns 2,208,604 shares of the company’s stock valued at $49,164,000 after buying an additional 431,646 shares during the period. TCG Crossover Management LLC purchased a new stake in shares of LB Pharmaceuticals during the 3rd quarter valued at $27,554,000. JPMorgan Chase & Co. increased its holdings in shares of LB Pharmaceuticals by 56.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,611,482 shares of the company’s stock worth $35,872,000 after buying an additional 578,879 shares during the last quarter. Finally, Logos Global Management LP raised its position in shares of LB Pharmaceuticals by 6.2% in the 4th quarter. Logos Global Management LP now owns 1,200,000 shares of the company’s stock worth $26,712,000 after buying an additional 70,000 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. HC Wainwright reiterated a “buy” rating on shares of LB Pharmaceuticals in a report on Friday. Craig Hallum started coverage on LB Pharmaceuticals in a report on Friday, April 10th. They issued a “buy” rating and a $36.00 price objective on the stock. Wall Street Zen raised LB Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, June 21st. Weiss Ratings upgraded LB Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 11th. Finally, Roth Capital reissued a “buy” rating and set a $37.00 target price on shares of LB Pharmaceuticals in a research report on Sunday, May 17th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, LB Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $40.43.

LB Pharmaceuticals Trading Up 1.1%

Shares of LBRX stock opened at $35.01 on Friday. The company has a market cap of $1.00 billion and a PE ratio of -20.24. The company’s fifty day simple moving average is $30.46 and its 200-day simple moving average is $27.04. LB Pharmaceuticals Inc has a 52 week low of $13.36 and a 52 week high of $36.60.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its quarterly 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. Equities research analysts expect that LB Pharmaceuticals Inc will post -3.58 EPS for the current fiscal year.

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.