LB Pharmaceuticals (NASDAQ:LBRX) Reaches New 12-Month High – Here’s Why

LB Pharmaceuticals Inc (NASDAQ:LBRX) reached a new 52-week high during trading on Friday . The stock traded as high as $20.33 and last traded at $20.25, with a volume of 33322 shares traded. The stock had previously closed at $19.25.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on LBRX shares. Zacks Research raised LB Pharmaceuticals to a “hold” rating in a report on Tuesday, October 7th. Wall Street Zen upgraded LB Pharmaceuticals to a “hold” rating in a research report on Monday, September 22nd. Stifel Nicolaus initiated coverage on LB Pharmaceuticals in a report on Monday, October 6th. They set a “buy” rating and a $27.00 price target on the stock. Leerink Partnrs raised shares of LB Pharmaceuticals to a “strong-buy” rating in a report on Monday, October 6th. Finally, Piper Sandler began coverage on shares of LB Pharmaceuticals in a research report on Monday, October 6th. They issued an “overweight” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $30.50.

LB Pharmaceuticals Stock Performance

The company has a 50 day moving average of $16.07.

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

Insider Activity

In related news, Director Ran Nussbaum bought 1,000,000 shares of LB Pharmaceuticals stock in a transaction dated Friday, September 12th. The stock was acquired at an average cost of $15.00 per share, with a total value of $15,000,000.00. Following the completion of the acquisition, the director directly owned 1,411,681 shares in the company, valued at approximately $21,175,215. This trade represents a 242.91% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Institutional Trading of LB Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. acquired a new position in shares of LB Pharmaceuticals in the third quarter worth about $142,000. JPMorgan Chase & Co. acquired a new position in LB Pharmaceuticals in the 3rd quarter worth approximately $16,305,000. TD Asset Management Inc purchased a new position in LB Pharmaceuticals during the 3rd quarter worth approximately $581,000. Monashee Investment Management LLC acquired a new stake in LB Pharmaceuticals during the 3rd quarter valued at $632,000. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of LB Pharmaceuticals in the third quarter valued at $207,000.

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.