LB Pharmaceuticals (NASDAQ:LBRX) Hits New 12-Month High – Still a Buy?

LB Pharmaceuticals Inc (NASDAQ:LBRX) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $41.71 and last traded at $41.7930, with a volume of 45036 shares. The stock had previously closed at $40.08.

Analyst Upgrades and Downgrades

Several brokerages recently commented on LBRX. Roth Capital reiterated a “buy” rating and issued a $37.00 price target on shares of LB Pharmaceuticals in a research note on Sunday, May 17th. Weiss Ratings upgraded shares of LB Pharmaceuticals from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Friday, July 24th. Wolfe Research began coverage on LB Pharmaceuticals in a report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price objective for the company. Craig Hallum initiated coverage on LB Pharmaceuticals in a research report on Friday, April 10th. They issued a “buy” rating and a $36.00 target price on the stock. Finally, BMO Capital Markets assumed coverage on LB Pharmaceuticals in a research note on Monday, July 20th. They set an “outperform” rating and a $46.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $40.43.

LB Pharmaceuticals Price Performance

The firm has a market capitalization of $1.24 billion and a P/E ratio of -24.89. The business’s 50-day moving average is $31.47 and its 200 day moving average is $27.70.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its earnings results on Tuesday, May 12th. The company reported ($0.67) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.08. Analysts anticipate that LB Pharmaceuticals Inc will post -3.58 EPS for the current fiscal year.

Hedge Funds Weigh In On LB Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jefferies Financial Group Inc. acquired a new stake in shares of LB Pharmaceuticals during the 3rd quarter worth $207,000. Landscape Capital Management L.L.C. acquired a new position in LB Pharmaceuticals in the third quarter valued at about $168,000. Squarepoint Ops LLC bought a new stake in LB Pharmaceuticals during the third quarter worth about $329,000. Two Sigma Investments LP bought a new stake in LB Pharmaceuticals during the third quarter worth about $213,000. Finally, Balyasny Asset Management L.P. acquired a new stake in LB Pharmaceuticals during the third quarter worth about $15,289,000.

About LB Pharmaceuticals

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.