LB Pharmaceuticals (NASDAQ:LBRX) Price Target Raised to $60.00

LB Pharmaceuticals (NASDAQ:LBRX) had its price target upped by equities researchers at HC Wainwright from $45.00 to $60.00 in a research note issued to investors on Monday, Marketbeat reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 26.00% from the stock’s previous close.

LBRX has been the topic of a number of other reports. BMO Capital Markets boosted their price target on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Wolfe Research initiated coverage on shares of LB Pharmaceuticals in a research report on Tuesday, July 7th. They issued an “outperform” rating and a $45.00 price objective on the stock. Roth Capital reiterated a “buy” rating and issued a $37.00 target price on shares of LB Pharmaceuticals in a research note on Sunday, May 17th. Weiss Ratings downgraded shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen lowered shares of LB Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, seven have issued 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 presently has a consensus rating of “Moderate Buy” and an average price target of $49.62.

LB Pharmaceuticals Stock Performance

Shares of LB Pharmaceuticals stock opened at $47.62 on Monday. The business’s fifty day simple moving average is $36.92 and its 200 day simple moving average is $30.33. LB Pharmaceuticals has a 12 month low of $13.36 and a 12 month high of $49.97. The firm has a market capitalization of $1.54 billion and a P/E ratio of -13.84.

LB Pharmaceuticals (NASDAQ:LBRX) last announced 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). Analysts predict that LB Pharmaceuticals will post -4.67 EPS for the current fiscal year.

Institutional Investors Weigh In On LB Pharmaceuticals

Several institutional investors have recently made changes to their positions in the stock. Deep Track Capital LP purchased a new stake in LB Pharmaceuticals during the 3rd quarter worth about $52,941,000. RA Capital Management L.P. purchased a new position in LB Pharmaceuticals during the 3rd quarter valued at about $28,058,000. TCG Crossover Management LLC bought a new stake in shares of LB Pharmaceuticals during the third quarter valued at about $27,554,000. Spruce Street Capital LP bought a new stake in shares of LB Pharmaceuticals during the fourth quarter valued at about $22,384,000. Finally, Balyasny Asset Management L.P. purchased a new position in LB Pharmaceuticals during the third quarter valued at approximately $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.