LB Pharmaceuticals (NASDAQ:LBRX) Reaches New 12-Month High – What’s Next?

LB Pharmaceuticals Inc (NASDAQ:LBRX) shares hit a new 52-week high during trading on Thursday . The company traded as high as $34.00 and last traded at $33.5270, with a volume of 97254 shares trading hands. The stock had previously closed at $31.89.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on LBRX shares. Weiss Ratings upgraded shares of LB Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 11th. Stifel Nicolaus lifted their price objective on shares of LB Pharmaceuticals from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, March 27th. Craig Hallum began coverage on LB Pharmaceuticals in a research note on Friday, April 10th. They set a “buy” rating and a $36.00 price objective on the stock. Roth Mkm reiterated a “buy” rating and set a $37.00 target price on shares of LB Pharmaceuticals in a research report on Sunday, May 17th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of LB Pharmaceuticals in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $38.40.

LB Pharmaceuticals Stock Up 4.0%

The firm has a market capitalization of $951.03 million and a P/E ratio of -19.17. The business’s 50 day moving average is $29.94 and its 200-day moving average is $25.64.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.67) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.08. Research analysts forecast that LB Pharmaceuticals Inc will post -3.58 EPS for the current fiscal year.

Institutional Investors Weigh In On LB Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System acquired a new position in shares of LB Pharmaceuticals in the fourth quarter worth approximately $26,000. Bank of America Corp DE bought a new position in LB Pharmaceuticals during the 3rd quarter valued at $27,000. Russell Investments Group Ltd. purchased a new position in shares of LB Pharmaceuticals in the 4th quarter worth approximately $34,000. Strs Ohio bought a new position in LB Pharmaceuticals in the 4th quarter valued at $76,000. Finally, Persistent Asset Partners Ltd bought a new stake in LB Pharmaceuticals in the fourth quarter worth about $91,000.

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.