LB Pharmaceuticals (NASDAQ:LBRX) Stock Price Down 5.4% on Analyst Downgrade

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price was down 5.4% on Monday after Roth Capital downgraded the stock from a buy rating to a neutral rating. Roth Capital now has a $35.00 price target on the stock, down from their previous price target of $37.00. LB Pharmaceuticals traded as low as $35.08 and last traded at $35.0050. Approximately 311,784 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 277,335 shares. The stock had previously closed at $36.99.

Several other research firms have also recently weighed in on LBRX. BMO Capital Markets upped their price objective on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 12th. Weiss Ratings cut shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Needham & Company LLC began coverage on shares of LB Pharmaceuticals in a report on Friday. They issued a “buy” rating and a $68.00 price target on the stock. Piper Sandler restated an “overweight” rating and set a $78.00 price objective on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. Finally, HC Wainwright lifted their price objective on shares of LB Pharmaceuticals from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, LB Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $51.44.

Institutional Investors Weigh In On LB Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the business. 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. Eversept Partners LP purchased a new position in LB Pharmaceuticals in the 1st quarter worth $2,471,000. Wellington Management Group LLP raised its position in LB Pharmaceuticals by 11.9% in the 2nd quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock worth $1,911,000 after purchasing an additional 6,251 shares during the period. Bank of New York Mellon Corp bought a new stake in LB Pharmaceuticals in the second quarter worth $1,784,000. Finally, Janus Henderson Group PLC purchased a new stake in LB Pharmaceuticals during the first quarter valued at about $1,613,000.

LB Pharmaceuticals Price Performance

The stock has a market capitalization of $1.13 billion and a P/E ratio of -10.17. The stock has a 50 day moving average price of $44.16 and a 200-day moving average price of $34.56.

LB Pharmaceuticals (NASDAQ:LBRX) last posted 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). Research analysts predict that LB Pharmaceuticals Inc will post -5.78 earnings per share for the current fiscal year.

LB Pharmaceuticals Company Profile

LB Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system and neuropsychiatric disorders. The company’s lead product candidate is LB-102, an oral prodrug of amisulpride, an established antipsychotic medicine that is approved in certain countries outside the United States but is not currently approved in the U.S.

LB-102 is being developed for the treatment of schizophrenia, with the company seeking to evaluate its potential to address the needs of patients and healthcare providers in the U.S.