LB Pharmaceuticals (LBRX)
Market Price (11/6/2026): $38.66 | Market Cap: $1.2 BilSector: Health Care | Industry: Biotechnology
LB Pharmaceuticals (LBRX)
Market Price (11/6/2026): $38.66Market Cap: $1.2 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.14, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -95 Mil Stock price has recently run up significantly12M Rtn12 month market price return is 135% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% Key risksLBRX key risks include [1] its heavy dependence on the success of its single lead product candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.14, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -95 Mil |
| Stock price has recently run up significantly12M Rtn12 month market price return is 135% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% |
| Key risksLBRX key risks include [1] its heavy dependence on the success of its single lead product candidate, Show more. |
Qualitative Assessment
AI Analysis | Feedback
LB Pharmaceuticals (LBRX) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Wider-than-expected Fiscal Q3 2026 Net Loss. LB Pharmaceuticals reported a net loss of $59.1 million, or -$1.79 per share, for its fiscal third quarter ended September 30, 2026, on November 5, 2026. This significantly missed the consensus analyst estimate of -$1.61 per share by $0.18. The net loss in Q3 2026 also widened substantially compared to a net loss of $3.6 million, or -$0.61 per share, in the same period of the prior year.
2. Substantial Increase in Research and Development (R&D) Expenses. The company experienced a dramatic surge in Research and Development (R&D) expenses, which rose to $51.5 million in fiscal Q3 2026 from $2.4 million in Q3 2025. This increase was primarily driven by the advancement of key clinical trials, including the pivotal Phase 3 NOVA-2 trial for acute schizophrenia and the Phase 2 ILLUMINATE-1 trial for bipolar depression, indicating higher operational costs for the pre-revenue biopharmaceutical company.
Show more
LB Pharmaceuticals (LBRX) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Wider-than-expected Fiscal Q3 2026 Net Loss. LB Pharmaceuticals reported a net loss of $59.1 million, or -$1.79 per share, for its fiscal third quarter ended September 30, 2026, on November 5, 2026. This significantly missed the consensus analyst estimate of -$1.61 per share by $0.18. The net loss in Q3 2026 also widened substantially compared to a net loss of $3.6 million, or -$0.61 per share, in the same period of the prior year.
2. Substantial Increase in Research and Development (R&D) Expenses. The company experienced a dramatic surge in Research and Development (R&D) expenses, which rose to $51.5 million in fiscal Q3 2026 from $2.4 million in Q3 2025. This increase was primarily driven by the advancement of key clinical trials, including the pivotal Phase 3 NOVA-2 trial for acute schizophrenia and the Phase 2 ILLUMINATE-1 trial for bipolar depression, indicating higher operational costs for the pre-revenue biopharmaceutical company.
3. Analyst Downgrade and Price Target Reduction. On October 5, Roth Capital downgraded LB Pharmaceuticals' stock rating from "buy" to "neutral" and simultaneously reduced its price target from $37.00 to $35.00. This negative revision in analyst sentiment likely contributed to downward pressure on the stock during the specified period.
Show less
Stock Movement Drivers
Fundamental Drivers
The -5.0% change in LBRX stock from 7/31/2026 to 11/5/2026 was primarily driven by a -25.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.08 | 38.09 | -5.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 22 | 30 | -25.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| LBRX | -5.0% | |
| Market (SPY) | -1.9% | 30.2% |
| Sector (XLV) | 13.8% | 24.9% |
Fundamental Drivers
The 20.1% change in LBRX stock from 4/30/2026 to 11/5/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.71 | 38.09 | 20.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 25 | 30 | -16.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| LBRX | 20.1% | |
| Market (SPY) | 2.3% | 16.5% |
| Sector (XLV) | 27.2% | 12.4% |
Fundamental Drivers
The 136.1% change in LBRX stock from 10/31/2025 to 11/5/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.13 | 38.09 | 136.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 4 | 30 | -88.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| LBRX | 136.1% | |
| Market (SPY) | 8.4% | 14.9% |
| Sector (XLV) | 29.8% | 8.2% |
Fundamental Drivers
nullnull
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| LBRX | ||
| Market (SPY) | 81.3% | 15.0% |
| Sector (XLV) | 55.5% | 9.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LBRX Return | - | - | - | - | 29% | 71% | 120% |
| Peers Return | -17% | 14% | 16% | -3% | 49% | -7% | 48% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| LBRX Win Rate | - | - | - | - | 75% | 64% | |
| Peers Win Rate | 55% | 50% | 53% | 47% | 58% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| LBRX Max Drawdown | - | - | - | - | - | -31% | |
| Peers Max Drawdown | -48% | -44% | -38% | -35% | -31% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NBIX, ACAD, ALKS, AXSM, VNDA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
LBRX has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.7% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.8% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 166 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.0% | -19.2% |
| % Gain to Breakeven | 17.6% | 23.8% |
| Time to Breakeven | 191 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 165 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.8% | -17.9% |
| % Gain to Breakeven | 18.8% | 21.8% |
| Time to Breakeven | 153 days | 123 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
LBRX has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 767 days | 1085 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About LB Pharmaceuticals (LBRX)
LB Pharmaceuticals (LBRX) is a clinical-stage biopharmaceutical company focused on developing innovative therapies for neuropsychiatric diseases, including schizophrenia and bipolar depression. Its lead product candidate is LB-102, an oral, small molecule designed to be the first benzamide antipsychotic drug approved in the United States. LB-102 is a unique methylated derivative of amisulpride, a second-generation antipsychotic widely used in Europe, aiming to offer a differentiated therapeutic profile and strong intellectual property protection in key markets.
The company's primary focus is advancing LB-102 through clinical development. It has successfully completed a Phase 2 trial for acute schizophrenia, demonstrating statistically significant clinical activity across all doses, a potentially class-leading tolerability profile (low rates of sedation and extrapyramidal symptoms), and a positive impact on cognition. Based on positive feedback from the FDA, this Phase 2 trial may serve as one of the two pivotal trials required for U.S. approval. LB Pharmaceuticals plans to initiate a single, six-week Phase 3 trial for acute schizophrenia in the first quarter of 2026, with topline data expected in the second half of 2027. If positive, this could lead to discussions with the FDA for a New Drug Application (NDA) submission in early 2028.
Beyond schizophrenia, LB Pharmaceuticals is expanding the development of LB-102 into other indications, starting with bipolar depression. A potentially registrational Phase 2 trial for bipolar depression is slated to begin in the first quarter of 2026, with topline data anticipated in the first quarter of 2028. The company is also developing a long-acting injectable (LAI) formulation of LB-102, which could significantly improve patient compliance for chronic conditions like schizophrenia and bipolar disorder. LB Pharmaceuticals primarily targets patients in the U.S. neuropsychiatric market, which saw branded antipsychotic drug sales of approximately $12 billion in 2024, addressing a significant unmet need for treatments that effectively balance efficacy with improved tolerability.
AI Analysis | Feedback
Here are 1-2 brief analogies to describe LB Pharmaceuticals (LBRX):
LB Pharmaceuticals is like Samsung custom-tuning a widely used European generic (amisulpride) into a proprietary, enhanced psychiatric drug (LB-102) for the U.S. market.
LB Pharmaceuticals is like Audi, taking a proven, widely-used European drug's 'platform' (amisulpride) and re-engineering it into a proprietary, premium, and improved therapy (LB-102) for the U.S. market.
AI Analysis | Feedback
Here are the major products for LB Pharmaceuticals:
- LB-102 (Oral Formulation): A novel oral, small molecule therapy currently in Phase 3 for acute schizophrenia and in Phase 2 for bipolar depression, with potential for other neuropsychiatric disorders.
- LB-102 (Long-Acting Injectable Formulation): An investigational long-acting injectable (LAI) formulation of LB-102 currently in development, designed to improve patient compliance for schizophrenia and bipolar disorder.
AI Analysis | Feedback
LB Pharmaceuticals (LBRX) is a clinical-stage biopharmaceutical company. Its lead product candidate, LB-102, is currently in clinical development (Phase 2 completed, Phase 3 planned for Q1 2026) and has not yet received regulatory approval from the U.S. Food and Drug Administration (FDA).
Therefore, the company does not currently have commercial products on the market or major customers.
AI Analysis | Feedback
AI Analysis | Feedback
Heather Turner, J.D. Chief Executive Officer and Director
Heather Turner is the Chief Executive Officer and Director of LB Pharmaceuticals. She has been CEO of LB Pharmaceuticals (LBRX) since at least November 2025.
Roger Sawhney, M.D. Chief Financial Officer
Roger Sawhney has served as Chief Financial Officer of LB Pharmaceuticals since June 2024. Prior to this, he was the Chief Financial Officer of Garuda Therapeutics, Inc. from 2022 to 2023 and held multiple positions, including Chief Business Officer and Chief Financial Officer, at Omega Therapeutics, Inc. from 2020 to 2022. Dr. Sawhney also served as Director of the healthcare investment platform at KKR & Co., a global investment firm, from 2018 to 2020. He held senior roles at Novartis AG, Bain & Company, and the Boston Consulting Group.
Anna Eramo, M.D. Chief Medical Officer
Anna Eramo serves as the Chief Medical Officer of LB Pharmaceuticals. Her background includes extensive experience in the discovery, development, and commercialization of neuropsychiatric therapeutics.
Kaya Pai Panandiker Chief Commercial Officer
Kaya Pai Panandiker is the Chief Commercial Officer at LB Pharmaceuticals, an appointment announced in November 2025.
Gad Soffer Chief Operating and Business Officer
Gad Soffer serves as the Chief Operating and Business Officer of LB Pharmaceuticals, having been promoted to this role in March 2026. Previously, he was the Chief Business Officer.
AI Analysis | Feedback
The key risks for LB Pharmaceuticals (LBRX) include:
-
Uncertainty in FDA Approval Pathway: There is no guarantee that LB Pharmaceuticals' completed Phase 2 acute schizophrenia trial will be accepted by the FDA as one of the two pivotal trials required for approval of a new drug application (NDA) in the United States. Should the FDA deem the Phase 2 trial insufficient, the company may be required to conduct an additional pivotal trial in acute schizophrenia, which would extend development timelines and increase costs.
-
Clinical Trial Failure: The success of LB Pharmaceuticals' pipeline, particularly its lead product candidate LB-102, is contingent upon the successful completion and positive outcomes of its planned Phase 3 trial for acute schizophrenia and its Phase 2 trial for bipolar depression. There is an inherent risk that these trials may not achieve their primary or secondary endpoints, fail to demonstrate statistically significant clinical activity, or not replicate the positive tolerability profile and cognitive impact observed in prior trials. Such failures would significantly impede or prevent regulatory approval and commercialization.
AI Analysis | Feedback
AI Analysis | Feedback
The addressable market for LB Pharmaceuticals' main product, LB-102, falls within the U.S. market for branded antipsychotic drugs, which was approximately $12 billion as of 2024.
AI Analysis | Feedback
Here are three expected drivers of future revenue growth for LB Pharmaceuticals (LBRX) over the next 2-3 years:
- Advancement of LB-102 towards FDA approval for acute schizophrenia: The company plans to initiate a six-week Phase 3 trial for LB-102 in acute schizophrenia patients in the first quarter of 2026. Topline data from this trial is expected in the second half of 2027, and if positive, discussions with the FDA regarding a potential New Drug Application (NDA) submission are anticipated in the first quarter of 2028. This pathway is designed to lead to regulatory approval and subsequent commercialization of LB-102 for acute schizophrenia in the United States.
- Initiation and progression of the Phase 2 trial for LB-102 in bipolar depression: LB Pharmaceuticals plans to initiate a potentially registrational Phase 2 trial for LB-102 in bipolar depression in the first quarter of 2026. Topline data from this trial is expected in the first quarter of 2028. Success in this indication would significantly expand the potential market for LB-102 beyond schizophrenia, leveraging its mechanism of action and observed tolerability profile.
- Development of a long-acting injectable (LAI) formulation of LB-102: The company has commenced and expects to continue efforts in 2026 for the development of an LAI formulation of LB-102. An effective LAI form could significantly improve compliance in patients with schizophrenia and bipolar disorder and address an unmet need in the market, as there are few approved LAI agents and no benzamide class LAIs currently available or in development worldwide.
AI Analysis | Feedback
Share Issuance
- LB Pharmaceuticals raised $285.0 million in an initial public offering (IPO) on September 10, 2025, by selling 19,000,000 shares at $15.00 per share.
- In February 2026, the company announced a private placement expected to generate approximately $100.0 million in gross proceeds, through the issuance of 3,306,571 shares of common stock and pre-funded warrants for up to an additional 1,417,107 shares.
- Prior to its IPO, LB Pharmaceuticals secured over $120 million in private financing, including a $75 million Series C round that issued shares between August 2023 and January 2024.
Inbound Investments
- The $100.0 million private placement in February 2026 saw participation from both new and existing institutional investors, including Balyasny Asset Management, Deep Track Capital, and TCGX.
- As of December 31, 2025, BlackRock, Inc. reported a passive ownership stake of 5.1% in LB Pharmaceuticals, holding 1,277,776 shares.
- During the third quarter (presumably 2025), significant new positions were acquired by institutional investors, such as Deep Track Capital LP (valued at approximately $52.94 million), RA Capital Management L.P. (approximately $28.06 million), and TCG Crossover Management LLC (approximately $27.55 million).
Capital Expenditures
- For a recent reported period, net capital expenditures were $0.00, reflecting a -100% change from $238.00K in a prior period.
- The balance sheet for the quarter ending September 30, 2025, listed "Property and equipment, net" at $1,635K.
Peer Outperformance in Biotechnology
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 7.6% | 56.6% | 93.6% | CAH 498% · MCK 396% · COR 181% |
| Health Care Services | 20 | 33.8% | 28.8% | 6.1% | HIMS 189% · RDNT 125% · DGX 100% |
| Health Care Facilities | 25 | 13.9% | 27.4% | -1.4% | THC 280% · NHC 210% · EHC 186% |
| Managed Health Care | 8 | 47.9% | 1.6% | -2.2% | OSCR 95% · HQY 52% · ELV 10% |
| Health Care Equipment | 50 | 11.0% | 17.8% | -17.6% | UFPT 355% · GKOS 286% · PLSE 127% |
| Pharmaceuticals | 61 | -12.9% | 10.6% | -37.3% | LQDA 977% · XERS 571% · KNSA 500% |
| Health Care Supplies | 11 | 23.9% | 17.0% | -40.1% | LNTH 248% · HAE 66% · MMSI 29% |
| Life Sciences Tools & Services | 108 | -8.1% | -18.9% | -74.5% | AXGN 255% · NTRA 214% · MEDP 181% |
| Biotechnology ← | 364 | -25.8% | -36.1% | -82.0% | ELVN 1073% · TRVI 995% · DNTH 956% |
| Health Care Technology | 21 | -21.4% | -50.4% | -82.8% | VEEV -3% · DOCS -51% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| LB Pharmaceuticals Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 41.60 |
| Mkt Cap | 5.1 |
| Rev LTM | 1,034 |
| Op Inc LTM | -2 |
| FCF LTM | 2 |
| FCF 3Y Avg | 96 |
| CFO LTM | 8 |
| CFO 3Y Avg | 166 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.3% |
| Rev Chg 3Y Avg | 24.9% |
| Rev Chg Q | 24.1% |
| QoQ Delta Rev Chg LTM | 6.3% |
| Op Inc Chg LTM | -15.4% |
| Op Inc Chg 3Y Avg | 1.0% |
| Op Mgn LTM | 5.2% |
| Op Mgn 3Y Avg | 10.4% |
| QoQ Delta Op Mgn LTM | 2.6% |
| CFO/Rev LTM | 8.1% |
| CFO/Rev 3Y Avg | 16.3% |
| FCF/Rev LTM | 7.2% |
| FCF/Rev 3Y Avg | 9.7% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 |
|---|---|---|
| Development of novel therapies for the treatment of neuropsychiatric diseases, including | 0 | 0 |
| Total | 0 | 0 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Development of novel therapies for the treatment of neuropsychiatric diseases, including | -30 | -65 | -11 |
| Total | -30 | -65 | -11 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Development of novel therapies for the treatment of neuropsychiatric diseases, including | -25 | -63 |
| Total | -25 | -63 |
| $ Mil | 2024 | 2023 |
|---|---|---|
| Development of novel therapies for the treatment of neuropsychiatric diseases, including | 34 | 46 |
| Total | 34 | 46 |
Price Behavior
| Market Price | $38.09 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 09/11/2025 | |
| Distance from 52W High | -23.0% | |
| 50 Days | 200 Days | |
| DMA Price | $40.69 | $32.94 |
| DMA Trend | down | up |
| Distance from DMA | -6.4% | 15.6% |
| 3M | 1YR | |
| Volatility | 53.3% | 63.4% |
| Downside Capture | 176.52 | 32.75 |
| Upside Capture | 86.44 | 135.07 |
| Correlation (S&P 500) | 11.4% | 12.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.81 | 0.61 | 0.99 | 0.40 | 0.57 | -0.38 |
| Up Beta | -6.94 | -3.67 | 0.84 | 0.64 | 1.41 | 0.21 |
| Down Beta | -0.75 | -0.05 | 0.68 | -0.53 | -0.82 | 0.69 |
| Up Capture | 226% | 79% | 104% | 90% | 146% | 13% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 11 | 19 | 30 | 59 | 125 | 140 |
| Down Capture | 138% | 192% | 115% | 43% | 31% | 26% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 24 | 34 | 67 | 125 | 144 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LBRX | |
|---|---|---|---|---|
| LBRX | 131.6% | 63.4% | 1.56 | - |
| Sector ETF (XLV) | 29.2% | 16.9% | 1.33 | 8.1% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 15.2% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | -3.0% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -15.7% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 1.2% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | -2.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LBRX | |
|---|---|---|---|---|
| LBRX | 17.1% | 62.0% | 1.34 | - |
| Sector ETF (XLV) | 8.6% | 15.4% | 0.36 | 9.0% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 15.0% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | -2.3% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | -15.0% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 4.4% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | -2.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LBRX | |
|---|---|---|---|---|
| LBRX | 8.2% | 62.0% | 1.34 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.60 | 9.0% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 15.0% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | -2.3% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | -15.0% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 4.4% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | -2.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | -1.1% | 0.8% | 4.0% |
| 5/12/2026 | 3.8% | -12.4% | -8.3% |
| 3/26/2026 | -2.8% | 4.7% | 29.7% |
| 11/6/2025 | -4.3% | -6.9% | 38.9% |
| SUMMARY STATS | |||
| # Positive | 1 | 2 | 3 |
| # Negative | 3 | 2 | 1 |
| Median Positive | 3.8% | 2.8% | 29.7% |
| Median Negative | -2.8% | -9.7% | -8.3% |
| Max Positive | 3.8% | 4.7% | 38.9% |
| Max Negative | -4.3% | -12.4% | -8.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | -1.1% | 0.8% | 4.0% |
| 5/12/2026 | 3.8% | -12.4% | -8.3% |
| 3/26/2026 | -2.8% | 4.7% | 29.7% |
| 11/6/2025 | -4.3% | -6.9% | 38.9% |
| SUMMARY STATS | |||
| # Positive | 1 | 2 | 3 |
| # Negative | 3 | 2 | 1 |
| Median Positive | 3.8% | 2.8% | 29.7% |
| Median Negative | -2.8% | -9.7% | -8.3% |
| Max Positive | 3.8% | 4.7% | 38.9% |
| Max Negative | -4.3% | -12.4% | -8.3% |
Investor Activity (13F)
Updated Nov 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Spruce Street Capital LP | $33.6 Mil | 8.1% | 28 | ADD +36.9% | 13F |
| Trails Edge Capital Partners, LP | $32.5 Mil | 7.7% | 26 | TRIM -5.5% | 13F |
| Caligan Partners LP | $34.6 Mil | 2.4% | 24 | New | 13F |
| Commodore Capital LP | $37.0 Mil | 2.1% | 36 | Hold | 13F |
| Great Point Partners LLC | $7.4 Mil | 1.8% | 39 | New | 13F |
| Vivo Capital, LLC | $19.7 Mil | 1.6% | 46 | Hold | 13F |
| TCG Crossover Management, LLC | $45.3 Mil | 1.3% | 49 | ADD +5.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| TCG Crossover Management, LLC | $45.3 Mil | 1.3% | 49 | ADD +5.4% | 13F |
| Commodore Capital LP | $37.0 Mil | 2.1% | 36 | Hold | 13F |
| Caligan Partners LP | $34.6 Mil | 2.4% | 24 | New | 13F |
| Spruce Street Capital LP | $33.6 Mil | 8.1% | 28 | ADD +36.9% | 13F |
| Trails Edge Capital Partners, LP | $32.5 Mil | 7.7% | 26 | TRIM -5.5% | 13F |
| Vivo Capital, LLC | $19.7 Mil | 1.6% | 46 | Hold | 13F |
| Great Point Partners LLC | $7.4 Mil | 1.8% | 39 | New | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.