Canaccord Genuity Group began coverage on shares of LB Pharmaceuticals (NASDAQ:LBRX – Get Free Report) in a report issued on Friday, Marketbeat.com reports. The brokerage set a “buy” rating and a $65.00 price target on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 74.64% from the stock’s current price.
Several other equities analysts have also commented on the company. Wall Street Zen lowered LB Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 3rd. Roth Capital lowered LB Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $37.00 to $35.00 in a report on Monday, October 5th. Guggenheim started coverage on LB Pharmaceuticals in a research note on Tuesday. They set a “buy” rating and a $80.00 target price on the stock. Weiss Ratings cut LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, Piper Sandler restated an “overweight” rating and set a $78.00 price target on shares of LB Pharmaceuticals in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, LB Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $57.40.
Read Our Latest Research Report on LBRX
LB Pharmaceuticals Price Performance
LB Pharmaceuticals (NASDAQ:LBRX – Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.87). As a group, analysts expect that LB Pharmaceuticals will post -5.70 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of the stock. Wellington Management Group LLP grew its position in LB Pharmaceuticals by 11.9% during the second quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock valued at $1,911,000 after buying an additional 6,251 shares during the period. Great Lakes Advisors LLC purchased a new stake in shares of LB Pharmaceuticals during the 2nd quarter worth about $987,000. Bank of New York Mellon Corp purchased a new position in shares of LB Pharmaceuticals in the 2nd quarter valued at about $1,784,000. Stempoint Capital LP acquired a new position in LB Pharmaceuticals in the 1st quarter worth about $1,233,000. Finally, Janus Henderson Group PLC purchased a new position in shares of LB Pharmaceuticals during the 1st quarter valued at approximately $1,613,000.
LB Pharmaceuticals Company Profile
LB Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system and neuropsychiatric disorders. The company’s lead product candidate is LB-102, an oral prodrug of amisulpride, an established antipsychotic medicine that is approved in certain countries outside the United States but is not currently approved in the U.S.
LB-102 is being developed for the treatment of schizophrenia, with the company seeking to evaluate its potential to address the needs of patients and healthcare providers in the U.S.
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