Profund Advisors LLC Makes New $1.08 Million Investment in LB Pharmaceuticals Inc $LBRX

Profund Advisors LLC acquired a new stake in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 28,203 shares of the company’s stock, valued at approximately $1,082,000. Profund Advisors LLC owned 0.09% of LB Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Sigma Planning Corp bought a new stake in shares of LB Pharmaceuticals during the 3rd quarter valued at about $1,151,000. Wellington Management Group LLP grew its holdings in shares of LB Pharmaceuticals by 11.9% during the second 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 in the last quarter. Great Lakes Advisors LLC bought a new position in shares of LB Pharmaceuticals in the second quarter worth approximately $987,000. Bank of New York Mellon Corp bought a new position in shares of LB Pharmaceuticals in the second quarter worth approximately $1,784,000. Finally, Stempoint Capital LP purchased a new stake in LB Pharmaceuticals in the first quarter valued at approximately $1,233,000.

LB Pharmaceuticals Trading Up 3.3%

Shares of NASDAQ LBRX opened at $40.33 on Wednesday. LB Pharmaceuticals Inc has a one year low of $14.32 and a one year high of $50.16. The firm’s 50 day simple moving average is $41.05 and its two-hundred day simple moving average is $32.66.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($1.71) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87). On average, equities analysts anticipate that LB Pharmaceuticals Inc will post -5.70 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on LBRX shares. HC Wainwright reissued a “buy” rating on shares of LB Pharmaceuticals in a research note on Monday, October 12th. BMO Capital Markets raised their price objective on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Weiss Ratings downgraded shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Roth Capital lowered shares of LB Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their target price for the stock from $37.00 to $35.00 in a research report on Monday, October 5th. Finally, Zacks Research cut LB Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday, October 12th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.40.

LB Pharmaceuticals Company Profile

LB Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neuropsychiatric disorders. The company’s lead product candidate, LB-102, is an investigational oral therapy being developed for schizophrenia and potentially other conditions involving serious disturbances in mood, thought and behavior.

LB-102 is designed as a prodrug of amisulpride, an antipsychotic compound that has been approved in certain markets outside the United States but is not approved by the U.S.