JPMorgan Chase & Co. Buys Shares of 1,032,603 LB Pharmaceuticals Inc $LBRX

JPMorgan Chase & Co. purchased a new position in shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,032,603 shares of the company’s stock, valued at approximately $16,305,000. JPMorgan Chase & Co. owned approximately 4.60% of LB Pharmaceuticals as of its most recent filing with the SEC.

Separately, Federated Hermes Inc. acquired a new position in LB Pharmaceuticals during the third quarter worth about $142,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on LBRX shares. Stifel Nicolaus raised their price target on shares of LB Pharmaceuticals from $27.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Roth Mkm initiated coverage on shares of LB Pharmaceuticals in a research report on Friday, January 9th. They issued a “buy” rating and a $31.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (e)” rating on shares of LB Pharmaceuticals in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.33.

LB Pharmaceuticals Stock Performance

Shares of NASDAQ LBRX opened at $23.91 on Wednesday. The company has a 50 day simple moving average of $22.36. The firm has a market cap of $604.92 million and a PE ratio of -39.20. LB Pharmaceuticals Inc has a 52-week low of $13.36 and a 52-week high of $25.60.

LB Pharmaceuticals Company Profile

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.