LB Pharmaceuticals (NASDAQ:LBRX) Stock Falls 7% on Analyst Downgrade

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price was down 7% during mid-day trading on Monday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $35.02 and last traded at $34.60. Approximately 76,497 shares changed hands during trading, a decline of 73% from the average daily volume of 281,304 shares. The stock had previously closed at $37.22.

Other equities analysts have also recently issued reports about the stock. Wolfe Research began coverage on shares of LB Pharmaceuticals in a research report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price objective for the company. Canaccord Genuity Group started coverage on shares of LB Pharmaceuticals in a research report on Friday. They issued a “buy” rating and a $65.00 target price on the stock. Guggenheim reissued a “buy” rating on shares of LB Pharmaceuticals in a research note on Monday. Piper Sandler restated an “overweight” rating and set a $78.00 price target on shares of LB Pharmaceuticals in a research report on Monday, August 3rd. Finally, Weiss Ratings lowered shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.40.

Hedge Funds Weigh In On LB Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP boosted its position in LB Pharmaceuticals by 11.9% during the second quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock worth $1,911,000 after acquiring an additional 6,251 shares during the last quarter. Great Lakes Advisors LLC acquired a new stake in LB Pharmaceuticals in the 2nd quarter valued at about $987,000. Bank of New York Mellon Corp acquired a new stake in LB Pharmaceuticals in the 2nd quarter valued at about $1,784,000. Stempoint Capital LP acquired a new position in shares of LB Pharmaceuticals during the 1st quarter worth approximately $1,233,000. Finally, Janus Henderson Group PLC purchased a new stake in shares of LB Pharmaceuticals in the first quarter valued at approximately $1,613,000.

LB Pharmaceuticals Stock Down 3.2%

The business has a 50-day moving average price of $43.52 and a 200-day moving average price of $35.11. The firm has a market capitalization of $1.12 billion and a PE ratio of -10.11.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($1.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87). On average, equities research analysts anticipate that LB Pharmaceuticals Inc will post -5.70 earnings per share for the current year.

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.