LB Pharmaceuticals (NASDAQ:LBRX) Cut to “Neutral” at Roth Capital

Roth Capital downgraded shares of LB Pharmaceuticals (NASDAQ:LBRX) from a buy rating to a neutral rating in a report released on Monday, Marketbeat reports. They currently have $35.00 price objective on the stock, down from their previous price objective of $37.00.

A number of other brokerages have also issued reports on LBRX. Needham & Company LLC initiated coverage on shares of LB Pharmaceuticals in a research report on Friday, October 2nd. They set a “buy” rating and a $68.00 target price on the stock. HC Wainwright raised their price target on shares of LB Pharmaceuticals from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, August 24th. Weiss Ratings downgraded shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price objective on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. Finally, Stifel Nicolaus set a $53.00 target price on shares of LB Pharmaceuticals in a research note on Thursday, August 13th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.56.

LB Pharmaceuticals Stock Down 0.3%

LBRX opened at $34.16 on Monday. The stock’s 50 day moving average price is $44.04 and its two-hundred day moving average price is $34.78. The firm has a market capitalization of $1.10 billion and a P/E ratio of -9.93. LB Pharmaceuticals has a 12-month low of $14.32 and a 12-month high of $50.16.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($1.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87). As a group, analysts anticipate that LB Pharmaceuticals will post -5.7 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Strs Ohio increased its holdings in LB Pharmaceuticals by 50.0% during the 1st quarter. Strs Ohio now owns 5,100 shares of the company’s stock valued at $126,000 after purchasing an additional 1,700 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in LB Pharmaceuticals by 12.2% in the first quarter. Bank of New York Mellon Corp now owns 45,457 shares of the company’s stock worth $1,121,000 after purchasing an additional 4,940 shares in the last quarter. Wellington Management Group LLP boosted its stake in LB Pharmaceuticals by 11.9% in the second quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock worth $1,911,000 after purchasing an additional 6,251 shares in the last quarter. Meyer Handelman Co. bought a new stake in shares of LB Pharmaceuticals during the first quarter worth $372,000. Finally, Calamos Advisors LLC acquired a new stake in shares of LB Pharmaceuticals in the first quarter valued at $593,000.

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.