LB Pharmaceuticals (NASDAQ:LBRX) Shares Down 6.4% – Time to Sell?

Shares of LB Pharmaceuticals Inc (NASDAQ:LBRX) were down 6.4% during mid-day trading on Monday . The company traded as low as $22.23 and last traded at $22.38. Approximately 73,048 shares were traded during trading, a decline of 69% from the average daily volume of 232,206 shares. The stock had previously closed at $23.91.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LBRX. Zacks Research raised LB Pharmaceuticals to a “hold” rating in a research report on Tuesday, October 7th. Piper Sandler began coverage on LB Pharmaceuticals in a research report on Monday, October 6th. They issued an “overweight” rating on the stock. Weiss Ratings reissued a “sell (e)” rating on shares of LB Pharmaceuticals in a research report on Monday, December 29th. Leerink Partners started coverage on shares of LB Pharmaceuticals in a research note on Monday, October 6th. They issued an “outperform” rating and a $34.00 price objective on the stock. Finally, Roth Mkm assumed coverage on shares of LB Pharmaceuticals in a research note on Friday, January 9th. They set a “buy” rating and a $31.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.33.

LB Pharmaceuticals Trading Down 6.4%

The business’s fifty day moving average is $19.85. The stock has a market capitalization of $566.21 million and a PE ratio of -36.69.

LB Pharmaceuticals (NASDAQ:LBRX) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.04).

Hedge Funds Weigh In On LB Pharmaceuticals

A number of hedge funds have recently made changes to their positions in LBRX. SG Americas Securities LLC bought a new position in shares of LB Pharmaceuticals during the 4th quarter worth about $143,000. JPMorgan Chase & Co. acquired a new position in LB Pharmaceuticals in the third quarter worth about $16,305,000. Hudson Bay Capital Management LP bought a new position in LB Pharmaceuticals during the third quarter worth about $428,000. TCG Crossover Management LLC acquired a new stake in LB Pharmaceuticals during the third quarter valued at approximately $27,554,000. Finally, Alyeska Investment Group L.P. acquired a new stake in LB Pharmaceuticals during the third quarter valued at approximately $10,658,000.

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. LB-102 is a new chemical entity and a methylated derivative of amisulpride, a second-generation antipsychotic drug approved in over 50 countries, not including the United States, because the development and regulatory requirements of the U.S.