LB Pharmaceuticals (NASDAQ:LBRX) Reaches New 52-Week High – Time to Buy?

Shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) hit a new 52-week high on Wednesday . The company traded as high as $35.39 and last traded at $33.6550, with a volume of 34627 shares. The stock had previously closed at $32.31.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Stifel Nicolaus increased their price objective on shares of LB Pharmaceuticals from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, March 27th. HC Wainwright restated a “buy” rating on shares of LB Pharmaceuticals in a research note on Monday, June 22nd. Craig Hallum began coverage on shares of LB Pharmaceuticals in a research note on Friday, April 10th. They set a “buy” rating and a $36.00 price objective for the company. Wolfe Research initiated coverage on shares of LB Pharmaceuticals in a report on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price objective on the stock. Finally, Wall Street Zen raised LB Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Sunday, June 21st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $40.43.

LB Pharmaceuticals Stock Down 3.4%

The stock has a 50-day moving average of $30.35 and a 200 day moving average of $26.98. The stock has a market cap of $992.90 million and a PE ratio of -20.01.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.67) EPS for the quarter, beating the consensus estimate of ($0.75) by $0.08. On average, equities analysts anticipate that LB Pharmaceuticals Inc will post -3.58 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Deep Track Capital LP acquired a new stake in LB Pharmaceuticals during the 3rd quarter worth about $52,941,000. RA Capital Management L.P. raised its stake in shares of LB Pharmaceuticals by 24.3% during the 4th quarter. RA Capital Management L.P. now owns 2,208,604 shares of the company’s stock valued at $49,164,000 after buying an additional 431,646 shares during the last quarter. TCG Crossover Management LLC acquired a new position in shares of LB Pharmaceuticals in the 3rd quarter valued at about $27,554,000. JPMorgan Chase & Co. boosted its stake in shares of LB Pharmaceuticals by 56.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,611,482 shares of the company’s stock worth $35,872,000 after buying an additional 578,879 shares during the last quarter. Finally, Spruce Street Capital LP grew its holdings in LB Pharmaceuticals by 36.9% during the first quarter. Spruce Street Capital LP now owns 1,376,159 shares of the company’s stock worth $33,645,000 after acquiring an additional 370,566 shares during the period.

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.