Spruce Street Capital LP Invests $22.38 Million in LB Pharmaceuticals Inc $LBRX

Spruce Street Capital LP acquired a new position in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,005,593 shares of the company’s stock, valued at approximately $22,384,000. LB Pharmaceuticals comprises 7.4% of Spruce Street Capital LP’s holdings, making the stock its 3rd largest position.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Deep Track Capital LP bought a new stake in shares of LB Pharmaceuticals in the 3rd quarter valued at about $52,941,000. RA Capital Management L.P. bought a new position in LB Pharmaceuticals in the 3rd quarter valued at about $28,058,000. TCG Crossover Management LLC bought a new position in LB Pharmaceuticals in the 3rd quarter valued at about $27,554,000. JPMorgan Chase & Co. raised its holdings in LB Pharmaceuticals by 56.1% in the 4th quarter. JPMorgan Chase & Co. now owns 1,611,482 shares of the company’s stock valued at $35,872,000 after acquiring an additional 578,879 shares during the period. Finally, Commodore Capital LP bought a new position in LB Pharmaceuticals in the 3rd quarter valued at about $23,685,000.

Analyst Upgrades and Downgrades

Several research firms have weighed in on LBRX. Craig Hallum began coverage on shares of LB Pharmaceuticals in a report on Friday, April 10th. They issued a “buy” rating and a $36.00 price target on the stock. HC Wainwright reissued a “buy” rating on shares of LB Pharmaceuticals in a report on Tuesday, May 26th. Stifel Nicolaus raised their target price on shares of LB Pharmaceuticals from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, March 27th. Wall Street Zen cut shares of LB Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Weiss Ratings raised shares of LB Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $38.40.

LB Pharmaceuticals Trading Up 0.3%

Shares of LBRX opened at $28.50 on Tuesday. LB Pharmaceuticals Inc has a 12 month low of $13.36 and a 12 month high of $33.47. The firm’s 50 day moving average is $29.09 and its 200-day moving average is $24.66. The stock has a market capitalization of $817.38 million and a PE ratio of -16.47.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its earnings results on Tuesday, May 12th. The company reported ($0.67) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.08. Equities research analysts predict that LB Pharmaceuticals Inc will post -3.58 earnings per share for the current fiscal year.

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.