Zacks Research Upgrades LB Pharmaceuticals (NASDAQ:LBRX) to “Hold”

LB Pharmaceuticals (NASDAQ:LBRX) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday, Zacks reports.

Several other analysts have also issued reports on LBRX. HC Wainwright reissued a “buy” rating on shares of LB Pharmaceuticals in a research report on Monday, October 12th. Stifel Nicolaus set a $53.00 price target on shares of LB Pharmaceuticals in a research note on Thursday, August 13th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of LB Pharmaceuticals in a report on Wednesday, November 4th. Guggenheim reiterated a “buy” rating on shares of LB Pharmaceuticals in a research note on Monday, October 12th. Finally, Needham & Company LLC assumed coverage on shares of LB Pharmaceuticals in a research note on Friday, October 2nd. They issued a “buy” rating and a $68.00 price objective for the company. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, LB Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $57.40.

LB Pharmaceuticals Stock Performance

Shares of LB Pharmaceuticals stock opened at $44.71 on Tuesday. LB Pharmaceuticals has a 52-week low of $14.40 and a 52-week high of $50.16. The stock’s 50-day simple moving average is $40.42 and its 200 day simple moving average is $33.27. The stock has a market capitalization of $1.45 billion, a P/E ratio of -9.68 and a beta of 0.82.

LB Pharmaceuticals (NASDAQ:LBRX) last released its quarterly earnings data on Thursday, November 5th. The company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.61) by ($0.18). Equities research analysts forecast that LB Pharmaceuticals will post -6.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Spruce Street Capital LP grew its holdings in LB Pharmaceuticals by 36.9% during the 1st quarter. Spruce Street Capital LP now owns 1,376,159 shares of the company’s stock valued at $33,645,000 after buying an additional 370,566 shares in the last quarter. Candriam S.C.A. purchased a new stake in LB Pharmaceuticals in the 3rd quarter worth approximately $10,949,000. Eversept Partners LP bought a new position in LB Pharmaceuticals in the 1st quarter valued at $2,471,000. Janus Henderson Group PLC purchased a new position in shares of LB Pharmaceuticals during the 1st quarter valued at $1,613,000. Finally, Russell Investments Group Ltd. grew its position in shares of LB Pharmaceuticals by 90.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 65,028 shares of the company’s stock valued at $2,496,000 after purchasing an additional 30,954 shares in the last quarter.

LB Pharmaceuticals Company Profile

LB Pharmaceuticals is a clinical-stage biopharmaceutical company developing treatments for serious neuropsychiatric disorders. Its research focuses on medicines intended to address conditions with significant unmet treatment needs. The company’s lead candidate, LB-102, is an oral investigational drug being studied for schizophrenia. LB Pharmaceuticals has also identified other psychiatric conditions, including bipolar disorder, as potential areas of development. LB-102 has not been approved for commercial use, and its safety and effectiveness have not been established by regulators.