LB Pharmaceuticals (NASDAQ:LBRX) Rating Lowered to “Strong Sell” at Zacks Research

LB Pharmaceuticals (NASDAQ:LBRX) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday, Zacks reports.

Several other analysts have also commented on the stock. Roth Capital lowered shares of LB Pharmaceuticals from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $37.00 to $35.00 in a report on Monday, October 5th. BMO Capital Markets upped their target price on LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Canaccord Genuity Group initiated coverage on LB Pharmaceuticals in a research report on Friday. They issued a “buy” rating and a $65.00 target price for the company. Guggenheim restated a “buy” rating on shares of LB Pharmaceuticals in a research note on Monday. Finally, Weiss Ratings lowered LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $57.40.

LB Pharmaceuticals Trading Down 3.2%

Shares of NASDAQ LBRX opened at $34.79 on Monday. LB Pharmaceuticals has a 12 month low of $14.32 and a 12 month high of $50.16. The firm has a market capitalization of $1.12 billion and a PE ratio of -10.11. The firm has a fifty day simple moving average of $43.52 and a two-hundred day simple moving average of $35.11.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87). On average, sell-side analysts predict that LB Pharmaceuticals will post -5.70 earnings per share for the current year.

Institutional Investors Weigh In On LB Pharmaceuticals

Several hedge funds have recently bought and sold shares of LBRX. Wellington Management Group LLP increased its stake in LB Pharmaceuticals by 11.9% during the 2nd 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 in the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of LB Pharmaceuticals during the second quarter valued at approximately $987,000. Bank of New York Mellon Corp purchased a new stake in shares of LB Pharmaceuticals during the second quarter valued at approximately $1,784,000. Stempoint Capital LP bought a new stake in shares of LB Pharmaceuticals during the first quarter valued at approximately $1,233,000. Finally, Janus Henderson Group PLC bought a new stake in shares of LB Pharmaceuticals during the first quarter valued at approximately $1,613,000.

LB Pharmaceuticals Company Profile

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.