Jennison Associates LLC Cuts Holdings in LB Pharmaceuticals Inc $LBRX

Jennison Associates LLC decreased its holdings in LB Pharmaceuticals Inc (NASDAQ:LBRX) by 34.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 538,216 shares of the company’s stock after selling 283,636 shares during the period. Jennison Associates LLC’s holdings in LB Pharmaceuticals were worth $13,272,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Spruce Street Capital LP purchased a new stake in shares of LB Pharmaceuticals during the 4th quarter worth $22,384,000. JPMorgan Chase & Co. bought a new position in LB Pharmaceuticals in the third quarter worth about $16,305,000. Calamos Advisors LLC bought a new position in LB Pharmaceuticals in the first quarter worth about $593,000. Hudson Bay Capital Management LP purchased a new stake in shares of LB Pharmaceuticals during the third quarter valued at about $428,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in shares of LB Pharmaceuticals in the 4th quarter valued at about $3,954,000.

LB Pharmaceuticals Stock Performance

NASDAQ:LBRX opened at $32.31 on Wednesday. The firm’s fifty day moving average is $30.22 and its two-hundred day moving average is $26.78. The firm has a market cap of $926.55 million and a price-to-earnings ratio of -18.68. LB Pharmaceuticals Inc has a one year low of $13.36 and a one year high of $35.35.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.67) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.08. As a group, equities research analysts predict that LB Pharmaceuticals Inc will post -3.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

LBRX has been the subject of several recent analyst reports. Weiss Ratings upgraded shares of LB Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 11th. Wolfe Research started coverage on shares of LB Pharmaceuticals in a report on Tuesday, July 7th. They issued an “outperform” rating and a $45.00 price target on the stock. Craig Hallum started coverage on LB Pharmaceuticals in a research report on Friday, April 10th. They set a “buy” rating and a $36.00 price target on the stock. Wall Street Zen upgraded LB Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, June 21st. Finally, Roth Capital reaffirmed a “buy” rating and set a $37.00 target price on shares of LB Pharmaceuticals in a research report on Sunday, May 17th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, LB Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $40.43.

LB Pharmaceuticals Profile

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.