LB Pharmaceuticals (NASDAQ:LBRX) Posts Quarterly Earnings Results

LB Pharmaceuticals (NASDAQ:LBRX) announced its quarterly earnings data on Thursday. The company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.61) by ($0.18), FiscalAI reports.

LB Pharmaceuticals Stock Up 10.3%

Shares of NASDAQ LBRX traded up $3.92 during trading on Friday, hitting $42.01. 480,240 shares of the company traded hands, compared to its average volume of 420,388. LB Pharmaceuticals has a 1 year low of $14.32 and a 1 year high of $50.16. The company has a 50-day moving average price of $40.57 and a 200-day moving average price of $32.95. The firm has a market capitalization of $1.36 billion, a P/E ratio of -9.09 and a beta of 0.82.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in LBRX. Janus Henderson Group PLC purchased a new stake in LB Pharmaceuticals during the first quarter valued at about $1,613,000. Spruce Street Capital LP increased its stake 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 last quarter. Bank of New York Mellon Corp purchased a new position in shares of LB Pharmaceuticals in the 2nd quarter worth about $1,784,000. Stempoint Capital LP purchased a new position in shares of LB Pharmaceuticals in the 1st quarter worth about $1,233,000. Finally, Eversept Partners LP acquired a new position in shares of LB Pharmaceuticals in the 1st quarter valued at about $2,471,000.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on LBRX shares. Stifel Nicolaus set a $53.00 price target on LB Pharmaceuticals in a research note on Thursday, August 13th. BMO Capital Markets lifted their price target on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Guggenheim reiterated a “buy” rating on shares of LB Pharmaceuticals in a research note on Monday, October 12th. Zacks Research cut LB Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Monday, October 12th. Finally, Wall Street Zen upgraded LB Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, October 31st. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.40.

About LB Pharmaceuticals

LB Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neuropsychiatric disorders. The company’s lead product candidate, LB-102, is an investigational oral therapy being developed for schizophrenia and potentially other conditions involving serious disturbances in mood, thought and behavior.

LB-102 is designed as a prodrug of amisulpride, an antipsychotic compound that has been approved in certain markets outside the United States but is not approved by the U.S.