LB Pharmaceuticals (NASDAQ:LBRX) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS

LB Pharmaceuticals (NASDAQ:LBRX) announced its quarterly earnings results on Thursday. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.04), Zacks reports.

LB Pharmaceuticals Price Performance

NASDAQ LBRX traded down $0.16 during trading hours on Friday, reaching $15.35. 151,400 shares of the company’s stock traded hands, compared to its average volume of 97,845. LB Pharmaceuticals has a 52-week low of $13.36 and a 52-week high of $20.25.

Insider Activity

In related news, Director Ran Nussbaum purchased 1,000,000 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were purchased at an average cost of $15.00 per share, with a total value of $15,000,000.00. Following the transaction, the director directly owned 1,411,681 shares in the company, valued at $21,175,215. This trade represents a 242.91% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Ratings Changes

A number of brokerages have recently weighed in on LBRX. Wall Street Zen upgraded LB Pharmaceuticals to a “hold” rating in a research report on Monday, September 22nd. Leerink Partnrs raised shares of LB Pharmaceuticals to a “strong-buy” rating in a research report on Monday, October 6th. Piper Sandler started coverage on shares of LB Pharmaceuticals in a report on Monday, October 6th. They issued an “overweight” rating for the company. Zacks Research upgraded shares of LB Pharmaceuticals to a “hold” rating in a research report on Tuesday, October 7th. Finally, Stifel Nicolaus started coverage on shares of LB Pharmaceuticals in a research note on Monday, October 6th. They issued a “buy” rating and a $27.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $30.50.

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.