LB Pharmaceuticals (NASDAQ:LBRX) Stock Price Down 4.6% – Here’s Why

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price dropped 4.6% on Tuesday . The stock traded as low as $24.89 and last traded at $25.2560. 30,108 shares changed hands during trading, a decline of 86% from the average session volume of 216,605 shares. The stock had previously closed at $26.46.

Wall Street Analysts Forecast Growth

LBRX has been the topic of several analyst reports. Weiss Ratings restated a “sell (e)” rating on shares of LB Pharmaceuticals in a report on Monday, December 29th. Roth Mkm started coverage on shares of LB Pharmaceuticals in a research note on Friday, January 9th. They issued a “buy” rating and a $31.00 price objective for the company. Finally, Stifel Nicolaus boosted their target price on LB Pharmaceuticals from $27.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $33.33.

LB Pharmaceuticals Stock Down 2.7%

The company has a 50 day simple moving average of $23.07. The firm has a market cap of $601.13 million and a P/E ratio of -38.95.

Hedge Funds Weigh In On LB Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of LBRX. California State Teachers Retirement System bought a new stake in shares of LB Pharmaceuticals in the fourth quarter valued at $26,000. Russell Investments Group Ltd. purchased a new stake in LB Pharmaceuticals in the 4th quarter worth about $34,000. Bank of America Corp DE purchased a new stake in LB Pharmaceuticals during the third quarter valued at about $27,000. Strs Ohio bought a new position in LB Pharmaceuticals during the fourth quarter worth about $76,000. Finally, Persistent Asset Partners Ltd bought a new position in LB Pharmaceuticals during the fourth quarter worth about $91,000.

LB Pharmaceuticals Company Profile

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.