LB Pharmaceuticals (NASDAQ:LBRX) Upgraded to “Moderate Buy” at Needham & Company LLC

Needham & Company LLC upgraded shares of LB Pharmaceuticals (NASDAQ:LBRX) to a moderate buy rating in a research note released on Friday,Zacks reports.

Several other analysts have also recently commented on LBRX. Wolfe Research initiated coverage on shares of LB Pharmaceuticals in a research note on Tuesday, July 7th. They set an “outperform” rating and a $45.00 price objective for the company. Piper Sandler reiterated an “overweight” rating and issued a $78.00 price objective on shares of LB Pharmaceuticals in a research note on Monday, August 3rd. Stifel Nicolaus set a $53.00 target price on shares of LB Pharmaceuticals in a report on Thursday, August 13th. Wall Street Zen downgraded shares of LB Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, HC Wainwright upped their price target on shares of LB Pharmaceuticals from $45.00 to $60.00 and gave the company a “buy” rating in a report on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, LB Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.67.

LB Pharmaceuticals Stock Performance

Shares of LBRX stock opened at $36.99 on Friday. The stock’s 50-day simple moving average is $44.16 and its 200-day simple moving average is $34.50. The firm has a market capitalization of $1.19 billion and a PE ratio of -10.75. LB Pharmaceuticals has a fifty-two week low of $14.32 and a fifty-two week high of $50.16.

LB Pharmaceuticals (NASDAQ:LBRX) last released its earnings results on Tuesday, August 11th. The company reported ($1.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87). Sell-side analysts forecast that LB Pharmaceuticals will post -5.78 earnings per share for the current year.

Hedge Funds Weigh In On LB Pharmaceuticals

Several institutional investors have recently made changes to their positions in LBRX. Strs Ohio lifted its stake in shares of LB Pharmaceuticals by 50.0% in the 1st quarter. Strs Ohio now owns 5,100 shares of the company’s stock valued at $126,000 after purchasing an additional 1,700 shares during the period. Meyer Handelman Co. purchased a new position in LB Pharmaceuticals in the first quarter valued at $372,000. Calamos Advisors LLC purchased a new position in LB Pharmaceuticals in the first quarter valued at $593,000. Great Lakes Advisors LLC acquired a new position in shares of LB Pharmaceuticals in the second quarter worth about $987,000. Finally, Bank of New York Mellon Corp raised its position in shares of LB Pharmaceuticals by 12.2% in the first quarter. Bank of New York Mellon Corp now owns 45,457 shares of the company’s stock worth $1,121,000 after acquiring an additional 4,940 shares during the period.

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.