LB Pharmaceuticals (NASDAQ:LBRX) Upgraded to “Moderate Buy” at Needham & Company LLC

LB Pharmaceuticals (NASDAQ:LBRX) was upgraded by equities research analysts at Needham & Company LLC to a “moderate buy” rating in a note issued to investors on Friday, Zacks reports.

A number of other brokerages also recently commented on LBRX. Wall Street Zen downgraded LB Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday. Weiss Ratings downgraded LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Wolfe Research assumed coverage on LB Pharmaceuticals in a research report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 target price for the company. BMO Capital Markets boosted their price target on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Finally, Stifel Nicolaus set a $53.00 price target on shares of LB Pharmaceuticals in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, LB Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $51.67.

LB Pharmaceuticals Stock Performance

Shares of LBRX stock opened at $36.99 on Friday. The company has a market capitalization of $1.19 billion and a price-to-earnings ratio of -10.75. LB Pharmaceuticals has a 52-week low of $14.32 and a 52-week high of $50.16. The company has a 50-day simple moving average of $44.16 and a two-hundred day simple moving average of $34.50.

LB Pharmaceuticals (NASDAQ:LBRX) last posted its earnings results on Tuesday, August 11th. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.87). On average, sell-side analysts forecast that LB Pharmaceuticals will post -5.78 EPS for the current fiscal year.

Institutional Trading of LB Pharmaceuticals

A number of large investors have recently bought and sold shares of the company. Strs Ohio lifted its position in shares of 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 buying an additional 1,700 shares during the last quarter. Meyer Handelman Co. purchased a new stake in LB Pharmaceuticals in the 1st quarter worth about $372,000. Calamos Advisors LLC purchased a new stake in LB Pharmaceuticals in the 1st quarter worth about $593,000. Great Lakes Advisors LLC bought a new stake in LB Pharmaceuticals in the 2nd quarter valued at about $987,000. Finally, Bank of New York Mellon Corp lifted its holdings in LB Pharmaceuticals by 12.2% during the first quarter. Bank of New York Mellon Corp now owns 45,457 shares of the company’s stock valued at $1,121,000 after purchasing an additional 4,940 shares during the last quarter.

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.