LB Pharmaceuticals (NASDAQ:LBRX) Shares Down 7% – What’s Next?

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price dropped 7% during trading on Monday. The company traded as low as $35.02 and last traded at $34.60. 76,497 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 281,304 shares. The stock had previously closed at $37.22.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on LBRX. BMO Capital Markets lifted their price objective on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 12th. Raymond James Financial raised LB Pharmaceuticals to a “buy” rating in a report on Monday. Guggenheim restated a “buy” rating on shares of LB Pharmaceuticals in a research note on Monday. Weiss Ratings cut LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, Needham & Company LLC began coverage on LB Pharmaceuticals in a report on Friday, October 2nd. They set a “buy” rating and a $68.00 price target for the company. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, LB Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $57.40.

LB Pharmaceuticals Price Performance

The company has a market capitalization of $1.13 billion and a PE ratio of -10.20. The company’s 50 day simple moving average is $43.86 and its 200 day simple moving average is $34.95.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($1.71) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.87). On average, equities analysts forecast that LB Pharmaceuticals Inc will post -5.70 EPS for the current year.

Institutional Investors Weigh In On LB Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Strs Ohio boosted its stake in LB Pharmaceuticals by 50.0% in the first quarter. Strs Ohio now owns 5,100 shares of the company’s stock valued at $126,000 after acquiring an additional 1,700 shares in the last quarter. Meyer Handelman Co. purchased a new position in shares of LB Pharmaceuticals during the first quarter worth about $372,000. Calamos Advisors LLC acquired a new stake in shares of LB Pharmaceuticals during the first quarter worth about $593,000. Great Lakes Advisors LLC acquired a new stake in shares of LB Pharmaceuticals during the second quarter worth about $987,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of LB Pharmaceuticals by 12.2% in the 1st quarter. Bank of New York Mellon Corp now owns 45,457 shares of the company’s stock valued at $1,121,000 after purchasing an additional 4,940 shares during the last quarter.

LB Pharmaceuticals Company Profile

LB Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system and neuropsychiatric disorders. The company’s lead product candidate is LB-102, an oral prodrug of amisulpride, an established antipsychotic medicine that is approved in certain countries outside the United States but is not currently approved in the U.S.

LB-102 is being developed for the treatment of schizophrenia, with the company seeking to evaluate its potential to address the needs of patients and healthcare providers in the U.S.