LB Pharmaceuticals (NASDAQ:LBRX) Stock Price Down 7% After Analyst Downgrade

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price fell 7% during mid-day trading on Monday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $35.02 and last traded at $34.60. 76,497 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 281,304 shares. The stock had previously closed at $37.22.

LBRX has been the topic of several other reports. HC Wainwright restated a “buy” rating on shares of LB Pharmaceuticals in a research report on Monday. Raymond James Financial upgraded LB Pharmaceuticals to a “buy” rating in a report on Monday. Piper Sandler reissued an “overweight” rating and set a $78.00 price objective on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. Canaccord Genuity Group initiated coverage on LB Pharmaceuticals in a research report on Friday. They set a “buy” rating and a $65.00 price objective for the company. Finally, Wolfe Research started coverage on shares of LB Pharmaceuticals in a report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 target price on the stock. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.40.

Institutional Trading of LB Pharmaceuticals

A number of hedge funds have recently made changes to their positions in LBRX. Wellington Management Group LLP grew its stake in shares of LB Pharmaceuticals by 11.9% in the 2nd quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock worth $1,911,000 after buying an additional 6,251 shares during the last quarter. Great Lakes Advisors LLC bought a new position in LB Pharmaceuticals during the 2nd quarter valued at approximately $987,000. Bank of New York Mellon Corp bought a new position in LB Pharmaceuticals during the 2nd quarter valued at approximately $1,784,000. Stempoint Capital LP purchased a new position in LB Pharmaceuticals during the first quarter valued at $1,233,000. Finally, Janus Henderson Group PLC purchased a new position in LB Pharmaceuticals during the first quarter valued at $1,613,000.

LB Pharmaceuticals Stock Down 3.2%

The company has a fifty day simple moving average of $43.52 and a 200 day simple moving average of $35.11. The firm has a market capitalization of $1.12 billion and a P/E ratio of -10.11.

LB Pharmaceuticals (NASDAQ:LBRX) last released its 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, equities analysts expect that LB Pharmaceuticals Inc will post -5.70 earnings per share for the current fiscal year.

LB Pharmaceuticals Company Profile

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.