LB Pharmaceuticals (NASDAQ:LBRX) Upgraded at Needham & Company LLC

Needham & Company LLC upgraded shares of LB Pharmaceuticals (NASDAQ:LBRX) to a moderate buy rating in a research note issued to investors on Friday morning,Zacks reports.

LBRX has been the topic of a number of other research reports. Wall Street Zen downgraded LB Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday. Stifel Nicolaus set a $53.00 price target on shares of LB Pharmaceuticals in a report on Thursday, August 13th. Weiss Ratings downgraded shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. BMO Capital Markets upped their price objective on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Finally, Wolfe Research started coverage on shares of LB Pharmaceuticals in a research report on Tuesday, July 7th. They issued an “outperform” rating and a $45.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $51.67.

LB Pharmaceuticals Price Performance

Shares of LB Pharmaceuticals stock opened at $36.99 on Friday. LB Pharmaceuticals has a 12 month low of $14.32 and a 12 month high of $50.16. The stock has a market cap of $1.19 billion and a PE ratio of -10.75. The business has a fifty day simple moving average of $44.16 and a 200-day simple moving average 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 for the quarter, missing the consensus estimate of ($0.84) by ($0.87). Analysts expect that LB Pharmaceuticals will post -5.78 EPS for the current fiscal year.

Institutional Investors Weigh In On LB Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of LBRX. Strs Ohio lifted its position in shares of LB Pharmaceuticals by 50.0% in the first quarter. Strs Ohio now owns 5,100 shares of the company’s stock worth $126,000 after buying an additional 1,700 shares during the last quarter. Meyer Handelman Co. acquired a new position in shares of LB Pharmaceuticals during the 1st quarter valued at about $372,000. Calamos Advisors LLC bought a new position in shares of LB Pharmaceuticals in the 1st quarter valued at approximately $593,000. Great Lakes Advisors LLC bought a new position in shares of LB Pharmaceuticals in the 2nd quarter valued at approximately $987,000. Finally, Bank of New York Mellon Corp lifted its holdings in LB Pharmaceuticals by 12.2% in 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 last quarter.

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.