LB Pharmaceuticals (NASDAQ:LBRX) Issues Quarterly Earnings Results, Hits Estimates

LB Pharmaceuticals (NASDAQ:LBRX) issued its earnings results on Thursday. The company reported ($0.45) EPS for the quarter, meeting the consensus estimate of ($0.45), Zacks reports.

LB Pharmaceuticals Stock Performance

Shares of LBRX opened at $24.16 on Friday. The company’s fifty day moving average is $23.51. The stock has a market cap of $611.22 million and a price-to-earnings ratio of -39.61. LB Pharmaceuticals has a 1-year low of $13.36 and a 1-year high of $27.55.

Institutional Trading of LB Pharmaceuticals

A number of hedge funds have recently bought and sold shares of LBRX. California State Teachers Retirement System purchased a new stake in LB Pharmaceuticals during the fourth quarter valued at $26,000. Bank of America Corp DE purchased a new position in LB Pharmaceuticals in the third quarter worth about $27,000. Russell Investments Group Ltd. bought a new stake in shares of LB Pharmaceuticals during the 4th quarter valued at about $34,000. Persistent Asset Partners Ltd purchased a new stake in shares of LB Pharmaceuticals during the 4th quarter valued at about $91,000. Finally, Police & Firemen s Retirement System of New Jersey bought a new position in shares of LB Pharmaceuticals in the 4th quarter worth approximately $98,000.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LBRX. Stifel Nicolaus upped their price target on LB Pharmaceuticals from $27.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Roth Mkm assumed coverage on LB Pharmaceuticals in a research report on Friday, January 9th. They issued a “buy” rating and a $31.00 target price for the company. Finally, Weiss Ratings restated a “sell (e)” rating on shares of LB Pharmaceuticals in a research note 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.