LB Pharmaceuticals (NASDAQ:LBRX) Coverage Initiated by Analysts at Needham & Company LLC

Needham & Company LLC began coverage on shares of LB Pharmaceuticals (NASDAQ:LBRX) in a research note issued on Friday, Marketbeat Ratings reports. The firm set a “buy” rating and a $68.00 price target on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 96.86% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. HC Wainwright lifted their price target on LB Pharmaceuticals from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, August 24th. Wall Street Zen downgraded LB Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday. BMO Capital Markets raised their price objective on LB Pharmaceuticals from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Stifel Nicolaus set a $53.00 target price on shares of LB Pharmaceuticals in a research note on Thursday, August 13th. Finally, Weiss Ratings cut shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued 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 an average rating of “Moderate Buy” and an average price target of $51.44.

LB Pharmaceuticals Price Performance

Shares of LBRX stock traded down $2.45 on Friday, reaching $34.54. 352,461 shares of the company were exchanged, compared to its average volume of 277,421. The company has a 50-day moving average of $44.16 and a 200-day moving average of $34.56. The company has a market cap of $1.11 billion and a price-to-earnings ratio of -10.04. LB Pharmaceuticals has a one year low of $14.32 and a one year high of $50.16.

LB Pharmaceuticals (NASDAQ:LBRX) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.87). As a group, sell-side analysts predict that LB Pharmaceuticals will post -5.78 EPS for the current year.

Hedge Funds Weigh In On LB Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in LBRX. Spruce Street Capital LP bought a new position in shares of LB Pharmaceuticals during the 4th quarter valued at approximately $22,384,000. Janus Henderson Group PLC bought a new stake in shares of LB Pharmaceuticals in the 1st quarter worth approximately $1,613,000. Stempoint Capital LP purchased a new position in LB Pharmaceuticals in the first quarter valued at approximately $1,233,000. Bank of New York Mellon Corp bought a new position in LB Pharmaceuticals during the second quarter valued at $1,784,000. Finally, Eversept Partners LP purchased a new stake in LB Pharmaceuticals in the first quarter worth $2,471,000.

About LB Pharmaceuticals

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.