BMO Capital Markets Upgrades LB Pharmaceuticals (NASDAQ:LBRX) to Strong-Buy

LB Pharmaceuticals (NASDAQ:LBRX) was upgraded by research analysts at BMO Capital Markets to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the company. Roth Capital reissued a “buy” rating and issued a $37.00 target price on shares of LB Pharmaceuticals in a report on Sunday, May 17th. HC Wainwright reiterated a “buy” rating on shares of LB Pharmaceuticals in a research note on Monday, June 22nd. Wolfe Research started coverage on LB Pharmaceuticals in a report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price objective for the company. Wall Street Zen upgraded shares of LB Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, June 21st. Finally, Craig Hallum assumed coverage on shares of LB Pharmaceuticals in a research report on Friday, April 10th. They set a “buy” rating and a $36.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $40.43.

LB Pharmaceuticals Stock Performance

Shares of LBRX stock opened at $32.31 on Monday. The firm has a fifty day moving average of $30.22 and a 200-day moving average of $26.78. The stock has a market cap of $926.55 million and a price-to-earnings ratio of -18.68. LB Pharmaceuticals has a 52-week low of $13.36 and a 52-week high of $35.35.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its earnings results on Tuesday, May 12th. The company reported ($0.67) earnings per share for the quarter, beating the consensus estimate of ($0.75) by $0.08. On average, sell-side analysts predict that LB Pharmaceuticals will post -3.58 earnings per share for the current year.

Institutional Trading of LB Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deep Track Capital LP acquired a new position in shares of LB Pharmaceuticals in the 3rd quarter worth approximately $52,941,000. RA Capital Management L.P. raised its stake in LB Pharmaceuticals by 24.3% during the fourth quarter. RA Capital Management L.P. now owns 2,208,604 shares of the company’s stock worth $49,164,000 after buying an additional 431,646 shares during the last quarter. TCG Crossover Management LLC acquired a new position in LB Pharmaceuticals in the third quarter valued at $27,554,000. JPMorgan Chase & Co. boosted its position in LB Pharmaceuticals by 56.1% during the fourth 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 last quarter. Finally, Spruce Street Capital LP grew its holdings in LB Pharmaceuticals by 36.9% during the 1st quarter. Spruce Street Capital LP now owns 1,376,159 shares of the company’s stock worth $33,645,000 after acquiring an additional 370,566 shares during the period.

LB Pharmaceuticals Company 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.