LB Pharmaceuticals (NASDAQ:LBRX) Posts Quarterly Earnings Results, Misses Expectations By $0.87 EPS

LB Pharmaceuticals (NASDAQ:LBRX) released its earnings results on Tuesday. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.87), FiscalAI reports.

LB Pharmaceuticals Stock Down 1.7%

LBRX stock traded down $0.76 during midday trading on Thursday, reaching $44.62. 156,353 shares of the company’s stock traded hands, compared to its average volume of 265,636. The firm’s fifty day moving average price is $34.33 and its 200-day moving average price is $29.10. LB Pharmaceuticals has a 52 week low of $13.36 and a 52 week high of $49.14. The company has a market cap of $1.28 billion and a price-to-earnings ratio of -12.96.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on LBRX shares. Piper Sandler restated an “overweight” rating and set a $78.00 price target on shares of LB Pharmaceuticals in a report on Monday, August 3rd. Weiss Ratings lowered shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday. BMO Capital Markets lifted their price target on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday. Wolfe Research started coverage on shares of LB Pharmaceuticals in a report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price objective on the stock. Finally, Roth Capital reissued a “buy” rating and set a $37.00 price objective on shares of LB Pharmaceuticals in a research report on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, LB Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $47.75.

Institutional Investors 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 acquired a new position in LB Pharmaceuticals during the 4th quarter valued at about $26,000. Bank of America Corp DE bought a new position in shares of LB Pharmaceuticals in the third quarter valued at approximately $27,000. Russell Investments Group Ltd. purchased a new position in shares of LB Pharmaceuticals during the fourth quarter valued at approximately $34,000. Strs Ohio bought a new stake in LB Pharmaceuticals during the fourth quarter worth $76,000. Finally, Persistent Asset Partners Ltd purchased a new stake in LB Pharmaceuticals in the 4th quarter valued at $91,000.

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.