Brokerages Set LB Pharmaceuticals Inc (NASDAQ:LBRX) Target Price at $30.50

Shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) have been assigned a consensus recommendation of “Buy” from the five analysts that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $30.50.

LBRX has been the subject of several research analyst reports. Leerink Partners initiated coverage on LB Pharmaceuticals in a research report on Monday, October 6th. They set an “outperform” rating and a $34.00 target price for the company. Zacks Research raised shares of LB Pharmaceuticals to a “hold” rating in a report on Tuesday, October 7th. Leerink Partnrs raised shares of LB Pharmaceuticals to a “strong-buy” rating in a report on Monday, October 6th. Piper Sandler assumed coverage on shares of LB Pharmaceuticals in a research report on Monday, October 6th. They set an “overweight” rating for the company. Finally, Stifel Nicolaus started coverage on shares of LB Pharmaceuticals in a report on Monday, October 6th. They issued a “buy” rating and a $27.00 price target on the stock.

LB Pharmaceuticals Price Performance

LBRX opened at $15.35 on Monday. LB Pharmaceuticals has a fifty-two week low of $13.36 and a fifty-two week high of $20.25.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.04).

Insider Activity at LB Pharmaceuticals

In other news, Director Ran Nussbaum bought 1,000,000 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were bought at an average cost of $15.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the director owned 1,411,681 shares of the company’s stock, valued at approximately $21,175,215. This represents a 242.91% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Institutional Investors Weigh In On LB Pharmaceuticals

An institutional investor recently bought a new position in LB Pharmaceuticals stock. Federated Hermes Inc. acquired a new stake in LB Pharmaceuticals Inc (NASDAQ:LBRX) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 9,000 shares of the company’s stock, valued at approximately $142,000.

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.