LB Pharmaceuticals (NASDAQ:LBRX) Stock Moved Down to “Strong Sell” by Zacks Research

Zacks Research downgraded shares of LB Pharmaceuticals (NASDAQ:LBRX) from a hold rating to a strong sell rating in a research report report published on Monday,Zacks reports.

A number of other research analysts also recently weighed in on the company. Roth Capital downgraded LB Pharmaceuticals from a “buy” rating to a “neutral” rating and lowered their target price for the company from $37.00 to $35.00 in a report on Monday, October 5th. BMO Capital Markets boosted their price target on LB Pharmaceuticals from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Stifel Nicolaus set a $53.00 price objective on shares of LB Pharmaceuticals in a report on Thursday, August 13th. Guggenheim reaffirmed a “buy” rating on shares of LB Pharmaceuticals in a report on Monday. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $78.00 target price on shares of LB Pharmaceuticals in a report on Monday, August 3rd. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $57.40.

LB Pharmaceuticals Trading Down 3.2%

Shares of LBRX opened at $34.79 on Monday. The firm has a fifty day simple moving average of $43.52 and a two-hundred day simple moving average of $35.11. The firm has a market cap of $1.12 billion and a PE ratio of -10.11. LB Pharmaceuticals has a 1-year low of $14.32 and a 1-year high of $50.16.

LB Pharmaceuticals (NASDAQ:LBRX) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.87). As a group, research analysts forecast that LB Pharmaceuticals will post -5.70 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in LBRX. Wellington Management Group LLP increased its holdings in LB Pharmaceuticals by 11.9% in the 2nd quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock worth $1,911,000 after acquiring an additional 6,251 shares in the last quarter. Great Lakes Advisors LLC purchased a new position in LB Pharmaceuticals during the second quarter valued at approximately $987,000. Bank of New York Mellon Corp purchased a new position in LB Pharmaceuticals during the second quarter valued at approximately $1,784,000. Stempoint Capital LP bought a new position in shares of LB Pharmaceuticals in the first quarter worth approximately $1,233,000. Finally, Janus Henderson Group PLC bought a new position in shares of LB Pharmaceuticals in the first quarter worth approximately $1,613,000.

About LB Pharmaceuticals

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.