LB Pharmaceuticals (NASDAQ:LBRX) Hits New 1-Year High – Time to Buy?

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $33.47 and last traded at $32.93, with a volume of 13624 shares changing hands. The stock had previously closed at $31.97.

Wall Street Analyst Weigh In

A number of equities analysts have commented on LBRX shares. HC Wainwright started coverage on LB Pharmaceuticals in a report on Monday, April 27th. They set a “buy” rating and a $45.00 target price for the company. Stifel Nicolaus increased their target price on LB Pharmaceuticals from $35.00 to $40.00 and gave the company a “buy” rating in a report on Friday, March 27th. Finally, Craig Hallum started coverage on LB Pharmaceuticals in a report on Friday, April 10th. They set a “buy” rating and a $36.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $37.20.

LB Pharmaceuticals Price Performance

The firm has a fifty day moving average of $27.22 and a 200 day moving average of $22.63.

LB Pharmaceuticals (NASDAQ:LBRX) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.67) EPS for the quarter, beating the consensus estimate of ($0.75) by $0.08. Research analysts forecast that LB Pharmaceuticals Inc will post -3.79 EPS for the current year.

Institutional Investors Weigh In On LB Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. acquired a new stake in shares of LB Pharmaceuticals in the third quarter valued at approximately $16,305,000. Boxer Capital Management LLC purchased a new position in LB Pharmaceuticals in the third quarter worth approximately $1,105,000. Nan Fung Group Holdings Ltd purchased a new position in LB Pharmaceuticals in the third quarter worth approximately $4,737,000. Commodore Capital LP purchased a new position in LB Pharmaceuticals in the third quarter worth approximately $23,685,000. Finally, Integral Health Asset Management LLC purchased a new position in LB Pharmaceuticals in the third quarter worth approximately $1,579,000.

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.