LB Pharmaceuticals (NASDAQ:LBRX) Sees Large Volume Increase – Here’s Why

LB Pharmaceuticals Inc (NASDAQ:LBRX) saw unusually-high trading volume on Thursday . 215,795 shares traded hands during mid-day trading, a decline of 4% from the previous session’s volume of 224,237 shares.The stock last traded at $29.6050 and had previously closed at $30.05.

Wall Street Analysts Forecast Growth

LBRX has been the subject of a number of recent analyst reports. Weiss Ratings raised LB Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 11th. Craig Hallum assumed coverage on LB Pharmaceuticals in a report on Friday, April 10th. They issued a “buy” rating and a $36.00 price objective on the stock. Roth Mkm reissued a “buy” rating and set a $37.00 target price on shares of LB Pharmaceuticals in a research report on Sunday, May 17th. Stifel Nicolaus boosted their target price on LB Pharmaceuticals from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 27th. Finally, Wall Street Zen downgraded LB Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.40.

LB Pharmaceuticals Stock Performance

The business has a 50-day moving average of $29.37 and a 200-day moving average of $24.96. The stock has a market capitalization of $861.38 million and a price-to-earnings ratio of -17.36.

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

Institutional Trading of LB Pharmaceuticals

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