LB Pharmaceuticals (NASDAQ:LBRX) Shares Down 4.3% – Here’s What Happened

LB Pharmaceuticals Inc (NASDAQ:LBRX) fell 4.3% during trading on Thursday . The stock traded as low as $47.22 and last traded at $47.3330. 93,780 shares changed hands during trading, a decline of 65% from the average session volume of 267,904 shares. The stock had previously closed at $49.48.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. HC Wainwright upped their price target on shares of LB Pharmaceuticals from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, August 24th. Roth Capital reissued a “buy” rating and set a $37.00 price objective on shares of LB Pharmaceuticals in a report on Sunday, May 17th. Piper Sandler restated an “overweight” rating and set a $78.00 target price on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. Wall Street Zen cut shares of LB Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Wolfe Research initiated coverage on shares of LB Pharmaceuticals in a research report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.62.

LB Pharmaceuticals Stock Up 3.8%

The company has a market cap of $1.59 billion and a price-to-earnings ratio of -14.34. The company has a fifty day simple moving average of $40.54 and a two-hundred day simple moving average of $32.02.

LB Pharmaceuticals (NASDAQ:LBRX) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.87). On average, research analysts predict that LB Pharmaceuticals Inc will post -5.16 EPS for the current year.

Hedge Funds Weigh In On LB Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Deep Track Capital LP purchased a new position in shares of LB Pharmaceuticals during the 3rd quarter worth approximately $52,941,000. RA Capital Management L.P. purchased a new stake in LB Pharmaceuticals in the 3rd quarter valued at approximately $28,058,000. TCG Crossover Management LLC acquired a new stake in LB Pharmaceuticals during the 3rd quarter valued at $27,554,000. Spruce Street Capital LP purchased a new position in LB Pharmaceuticals during the fourth quarter worth $22,384,000. Finally, Balyasny Asset Management L.P. purchased a new position in LB Pharmaceuticals during the third quarter worth $15,289,000.

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.