LB Pharmaceuticals (NASDAQ:LBRX) Posts Earnings Results, Misses Estimates By $0.04 EPS

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

LB Pharmaceuticals Stock Down 1.0%

Shares of LB Pharmaceuticals stock traded down $0.16 during trading hours on Friday, reaching $15.35. The company had a trading volume of 151,400 shares, compared to its average volume of 97,845. LB Pharmaceuticals has a one year low of $13.36 and a one year high of $20.25.

Insider Buying and Selling

In related news, Director Ran Nussbaum purchased 1,000,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director directly owned 1,411,681 shares in the company, valued at approximately $21,175,215. This represents a 242.91% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Leerink Partners began coverage on LB Pharmaceuticals in a research note on Monday, October 6th. They issued an “outperform” rating and a $34.00 target price on the stock. Leerink Partnrs raised LB Pharmaceuticals to a “strong-buy” rating in a research report on Monday, October 6th. Zacks Research raised LB Pharmaceuticals to a “hold” rating in a research report on Tuesday, October 7th. Piper Sandler initiated coverage on shares of LB Pharmaceuticals in a report on Monday, October 6th. They issued an “overweight” rating on the stock. Finally, Wall Street Zen upgraded shares of LB Pharmaceuticals to a “hold” rating in a report on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $30.50.

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.