LB Pharmaceuticals (NASDAQ:LBRX) Reaches New 12-Month High – Should You Buy?

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $38.63 and last traded at $34.6480, with a volume of 27895 shares trading hands. The stock had previously closed at $34.78.

Analysts Set New Price Targets

LBRX has been the topic of a number of research reports. HC Wainwright restated a “buy” rating on shares of LB Pharmaceuticals in a report on Friday. BMO Capital Markets assumed coverage on LB Pharmaceuticals in a research note on Monday, July 20th. They issued an “outperform” rating and a $46.00 price objective on the stock. Craig Hallum began coverage on shares of LB Pharmaceuticals in a research note on Friday, April 10th. They set a “buy” rating and a $36.00 target price for the company. Weiss Ratings raised LB Pharmaceuticals from a “sell (d-)” rating to a “sell (d+)” rating in a report on Friday. Finally, Wolfe Research assumed coverage on shares of LB Pharmaceuticals in a research note on Tuesday, July 7th. They issued an “outperform” rating and a $45.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given 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 an average price target of $40.43.

LB Pharmaceuticals Price Performance

The company’s 50 day simple moving average is $30.60 and its two-hundred day simple moving average is $27.19. The stock has a market capitalization of $1.01 billion and a P/E ratio of -20.36.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.67) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.08. On average, research analysts anticipate that LB Pharmaceuticals Inc will post -3.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On LB Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the stock. Deep Track Capital LP bought a new stake in LB Pharmaceuticals in the third quarter valued at approximately $52,941,000. RA Capital Management L.P. boosted its position in LB Pharmaceuticals by 24.3% during the 4th quarter. RA Capital Management L.P. now owns 2,208,604 shares of the company’s stock worth $49,164,000 after acquiring an additional 431,646 shares during the last quarter. TCG Crossover Management LLC bought a new position in LB Pharmaceuticals in the third quarter valued at $27,554,000. JPMorgan Chase & Co. boosted its stake in shares of LB Pharmaceuticals by 56.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,611,482 shares of the company’s stock worth $35,872,000 after buying an additional 578,879 shares during the last quarter. Finally, Spruce Street Capital LP grew its stake in LB Pharmaceuticals by 36.9% in the first quarter. Spruce Street Capital LP now owns 1,376,159 shares of the company’s stock valued at $33,645,000 after purchasing an additional 370,566 shares in the last quarter.

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.