LB Pharmaceuticals initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of LB Pharmaceuticals (LBRX) with an Overweight rating and $78 price target The firm says LB is a “great name to own” since LB-102 has limited clinical and mechanism of action risk. The drug is Phase 3-ready with a blockbuster schizophrenia U.S. opportunity, the analyst tells investors in a research note. Piper believes the shares are “significantly undervalued” at current levels.