LB Pharmaceuticals (NASDAQ:LBRX) Stock Picked Up by Analysts at Guggenheim

Guggenheim initiated coverage on shares of LB Pharmaceuticals (NASDAQ:LBRX) in a research report issued on Tuesday, MarketBeat reports. The brokerage set a “buy” rating and a $80.00 price target on the stock. Guggenheim’s price objective indicates a potential upside of 133.51% from the company’s previous close.

LBRX has been the subject of a number of other reports. Roth Capital lowered shares of LB Pharmaceuticals from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $37.00 to $35.00 in a research note on Monday. Piper Sandler restated an “overweight” rating and set a $78.00 target price on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. Stifel Nicolaus set a $53.00 price target on LB Pharmaceuticals in a report on Thursday, August 13th. Weiss Ratings cut LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Finally, HC Wainwright increased their price objective on LB Pharmaceuticals from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.56.

LB Pharmaceuticals Stock Down 1.0%

NASDAQ LBRX opened at $34.26 on Tuesday. The company has a market cap of $1.11 billion and a PE ratio of -9.96. LB Pharmaceuticals has a 52 week low of $14.32 and a 52 week high of $50.16. The firm’s 50-day simple moving average is $44.14 and its two-hundred day simple moving average is $34.70.

LB Pharmaceuticals (NASDAQ:LBRX) last posted its earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.87). As a group, equities research analysts anticipate that LB Pharmaceuticals will post -5.78 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in shares of LB Pharmaceuticals by 11.9% in the second quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock worth $1,911,000 after purchasing an additional 6,251 shares during the period. Great Lakes Advisors LLC purchased a new stake in shares of LB Pharmaceuticals in the second quarter worth $987,000. Bank of New York Mellon Corp bought a new stake in LB Pharmaceuticals during the second quarter valued at $1,784,000. Stempoint Capital LP purchased a new position in LB Pharmaceuticals during the first quarter worth about $1,233,000. Finally, Janus Henderson Group PLC purchased a new position in LB Pharmaceuticals during the first quarter worth about $1,613,000.

About LB Pharmaceuticals

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.