LB Pharmaceuticals (NASDAQ:LBRX) Shares Gap Up – Here’s What Happened

Shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) gapped up prior to trading on Friday. The stock had previously closed at $34.00, but opened at $36.62. LB Pharmaceuticals shares last traded at $36.7030, with a volume of 77,423 shares changing hands.

Wall Street Analyst Weigh In

LBRX has been the subject of several recent research reports. Piper Sandler reissued an “overweight” rating and issued a $78.00 price target on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. Zacks Research lowered shares of LB Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday. Weiss Ratings cut LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. BMO Capital Markets boosted their price objective on LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Finally, Needham & Company LLC initiated coverage on LB Pharmaceuticals in a report on Friday, October 2nd. They set a “buy” rating and a $68.00 target price on the stock. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, LB Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $57.40.

LB Pharmaceuticals Trading Up 1.1%

The stock has a market capitalization of $1.20 billion and a P/E ratio of -10.68. The business has a fifty day simple moving average of $43.07 and a 200 day simple moving average of $35.27.

LB Pharmaceuticals (NASDAQ:LBRX) last released 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). As a group, research analysts forecast that LB Pharmaceuticals Inc will post -5.70 earnings per share for the current year.

Institutional Investors Weigh In On LB Pharmaceuticals

Large investors have recently made changes to their positions in the business. Spruce Street Capital LP increased its position in LB Pharmaceuticals by 36.9% during the 1st quarter. Spruce Street Capital LP now owns 1,376,159 shares of the company’s stock valued at $33,645,000 after buying an additional 370,566 shares in the last quarter. Janus Henderson Group PLC bought a new position in shares of LB Pharmaceuticals during the 1st quarter valued at approximately $1,613,000. Bank of New York Mellon Corp purchased a new position in shares of LB Pharmaceuticals in the second quarter valued at about $1,784,000. Stempoint Capital LP bought a new stake in shares of LB Pharmaceuticals in the first quarter worth about $1,233,000. Finally, Eversept Partners LP purchased a new position in shares of LB Pharmaceuticals in the first quarter valued at $2,471,000.

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.