LB Pharmaceuticals (NASDAQ:LBRX) Rating Lowered to Strong Sell at Wall Street Zen

LB Pharmaceuticals (NASDAQ:LBRX) was downgraded by Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued on Saturday, Wall Street Zen reports.

Other equities analysts have also issued reports about the company. BMO Capital Markets upped their target price on LB Pharmaceuticals from $46.00 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. HC Wainwright lifted their price target on LB Pharmaceuticals from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, August 24th. Needham & Company LLC began coverage on LB Pharmaceuticals in a research report on Friday. They issued a “buy” rating and a $68.00 price objective on the stock. Weiss Ratings downgraded LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, Stifel Nicolaus set a $53.00 target price on LB Pharmaceuticals in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, LB Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $51.67.

LB Pharmaceuticals Stock Performance

LB Pharmaceuticals stock opened at $36.99 on Friday. LB Pharmaceuticals has a fifty-two week low of $14.32 and a fifty-two week high of $50.16. The stock has a market cap of $1.19 billion and a PE ratio of -10.75. The firm’s 50-day simple moving average is $44.16 and its 200 day simple moving average is $34.56.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87). As a group, analysts predict that LB Pharmaceuticals will post -5.78 EPS for the current fiscal year.

Institutional Investors Weigh In On LB Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Wellington Management Group LLP lifted its stake in LB Pharmaceuticals by 11.9% in the second quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock valued at $1,911,000 after purchasing an additional 6,251 shares during the last quarter. Great Lakes Advisors LLC bought a new position in LB Pharmaceuticals during the second quarter valued at $987,000. Bank of New York Mellon Corp purchased a new stake in LB Pharmaceuticals in the second quarter worth $1,784,000. Stempoint Capital LP bought a new stake in shares of LB Pharmaceuticals in the first quarter valued at $1,233,000. Finally, Janus Henderson Group PLC bought a new stake in shares of LB Pharmaceuticals in the first quarter valued at $1,613,000.

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.