Commodore Capital LP Invests $23.69 Million in LB Pharmaceuticals Inc $LBRX

Commodore Capital LP acquired a new stake in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,500,000 shares of the company’s stock, valued at approximately $23,685,000. LB Pharmaceuticals comprises about 1.2% of Commodore Capital LP’s portfolio, making the stock its 27th biggest holding. Commodore Capital LP owned approximately 5.93% of LB Pharmaceuticals at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of LBRX. Bank of America Corp DE bought a new position in shares of LB Pharmaceuticals during the third quarter worth about $27,000. Federated Hermes Inc. bought a new stake in LB Pharmaceuticals in the third quarter valued at about $142,000. Landscape Capital Management L.L.C. acquired a new stake in LB Pharmaceuticals during the third quarter valued at approximately $168,000. Jefferies Financial Group Inc. bought a new position in LB Pharmaceuticals during the 3rd quarter worth approximately $207,000. Finally, Two Sigma Investments LP acquired a new position in shares of LB Pharmaceuticals in the 3rd quarter worth approximately $213,000.

LB Pharmaceuticals Price Performance

NASDAQ:LBRX opened at $25.67 on Friday. The company has a market capitalization of $649.43 million and a price-to-earnings ratio of -42.08. LB Pharmaceuticals Inc has a 52 week low of $13.36 and a 52 week high of $26.65. The company’s 50 day moving average is $22.80.

Analysts Set New Price Targets

Several research firms recently issued reports on LBRX. Roth Mkm began coverage on LB Pharmaceuticals in a research report on Friday, January 9th. They set a “buy” rating and a $31.00 price target on the stock. Stifel Nicolaus boosted their target price on shares of LB Pharmaceuticals from $27.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Weiss Ratings restated a “sell (e)” rating on shares of LB Pharmaceuticals in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, LB Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $33.33.

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. 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.