LB Pharmaceuticals (NASDAQ:LBRX) Shares Down 7.7% – Here’s What Happened

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s share price traded down 7.7% during mid-day trading on Friday . The company traded as low as $20.27 and last traded at $20.55. 316,570 shares were traded during mid-day trading, an increase of 28% from the average session volume of 246,714 shares. The stock had previously closed at $22.26.

Analyst Upgrades and Downgrades

A number of research firms have commented on LBRX. Stifel Nicolaus upped their price target on LB Pharmaceuticals from $27.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Leerink Partners initiated coverage on LB Pharmaceuticals in a report on Monday, October 6th. They set an “outperform” rating and a $34.00 target price for the company. Zacks Research raised LB Pharmaceuticals to a “hold” rating in a research note on Tuesday, October 7th. Piper Sandler assumed coverage on shares of LB Pharmaceuticals in a research report on Monday, October 6th. They set an “overweight” rating on the stock. Finally, Leerink Partnrs raised shares of LB Pharmaceuticals to a “strong-buy” rating in a research report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.50.

LB Pharmaceuticals Stock Performance

The stock has a fifty day moving average price of $18.23.

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

Hedge Funds Weigh In On LB Pharmaceuticals

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

LB Pharmaceuticals Company Profile

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.