LB Pharmaceuticals (NASDAQ:LBRX) Releases Earnings Results, Misses Expectations By $0.04 EPS

LB Pharmaceuticals (NASDAQ:LBRX) announced its quarterly earnings data on Thursday. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.04), Zacks reports.

LB Pharmaceuticals Stock Down 1.0%

Shares of LBRX stock traded down $0.16 during trading hours on Friday, reaching $15.35. 151,400 shares of the company’s stock were exchanged, compared to its average volume of 97,845. LB Pharmaceuticals has a fifty-two week low of $13.36 and a fifty-two week high of $20.25.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on LBRX shares. Piper Sandler assumed coverage on LB Pharmaceuticals in a research report on Monday, October 6th. They set an “overweight” rating on the stock. Leerink Partnrs raised shares of LB Pharmaceuticals to a “strong-buy” rating in a research note on Monday, October 6th. Wall Street Zen raised LB Pharmaceuticals to a “hold” rating in a research report on Monday, September 22nd. Zacks Research upgraded LB Pharmaceuticals to a “hold” rating in a report on Tuesday, October 7th. Finally, Stifel Nicolaus initiated coverage on LB Pharmaceuticals in a research report on Monday, October 6th. They set a “buy” rating and a $27.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, LB Pharmaceuticals currently has an average rating of “Buy” and an average price target of $30.50.

Insiders Place Their Bets

In other LB Pharmaceuticals news, Director Ran Nussbaum bought 1,000,000 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The shares were purchased at an average cost of $15.00 per share, for a total transaction of $15,000,000.00. Following the purchase, the director directly owned 1,411,681 shares in the company, valued at $21,175,215. This represents a 242.91% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

About LB Pharmaceuticals

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.