LB Pharmaceuticals (LBRX)
Market Price (6/20/2026): $29.93 | Market Cap: $845.3 MilSector: Health Care | Industry: Biotechnology
LB Pharmaceuticals (LBRX)
Market Price (6/20/2026): $29.93Market Cap: $845.3 MilSector: 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 -43% 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 % 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 14% | 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 -46 Mil 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 -8.8% Significant 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 21.81 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 -43% |
| 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 % 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 14% |
| 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 -46 Mil |
| 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 -8.8% |
| Significant 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 21.81 |
| Key risksLBRX key risks include [1] its heavy dependence on the success of its single lead product candidate, Show more. |
Qualitative Assessment
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LB Pharmaceuticals (LBRX) stock has gained about 25% since 2/28/2026 because of the following key factors:
1. Advancement of Lead Candidate LB-102 into Pivotal Phase 3 Trials.
During fiscal Q1 2026 (ending March 31, 2026), LB Pharmaceuticals initiated the pivotal Phase 3 NOVA-2 trial for its lead candidate, LB-102, in patients with acute schizophrenia. This marked a significant progression in the development of the drug. Furthermore, in March 2026, the company presented new analyses from its Phase 2 NOVA-1 trial, highlighting a statistically significant, dose-dependent improvement in global cognition that was primarily a direct drug effect. These positive Phase 2 results were subsequently published in JAMA Psychiatry in April 2026, reinforcing LB-102's potential efficacy and favorable tolerability profile.
2. Successful $100 Million Private Placement.
In February 2026, LB Pharmaceuticals successfully completed a private placement, raising $100 million in gross proceeds with net proceeds of approximately $93.8 million after deducting expenses. This significant capital infusion substantially strengthened the company's financial position, with cash, cash equivalents, and marketable securities totaling $365.6 million as of March 31, 2026. This funding is expected to support the company's planned operations into fiscal Q2 2029, providing a long runway for its clinical development programs.
Show more
LB Pharmaceuticals (LBRX) stock has gained about 25% since 2/28/2026 because of the following key factors:
1. Advancement of Lead Candidate LB-102 into Pivotal Phase 3 Trials.
During fiscal Q1 2026 (ending March 31, 2026), LB Pharmaceuticals initiated the pivotal Phase 3 NOVA-2 trial for its lead candidate, LB-102, in patients with acute schizophrenia. This marked a significant progression in the development of the drug. Furthermore, in March 2026, the company presented new analyses from its Phase 2 NOVA-1 trial, highlighting a statistically significant, dose-dependent improvement in global cognition that was primarily a direct drug effect. These positive Phase 2 results were subsequently published in JAMA Psychiatry in April 2026, reinforcing LB-102's potential efficacy and favorable tolerability profile.
2. Successful $100 Million Private Placement.
In February 2026, LB Pharmaceuticals successfully completed a private placement, raising $100 million in gross proceeds with net proceeds of approximately $93.8 million after deducting expenses. This significant capital infusion substantially strengthened the company's financial position, with cash, cash equivalents, and marketable securities totaling $365.6 million as of March 31, 2026. This funding is expected to support the company's planned operations into fiscal Q2 2029, providing a long runway for its clinical development programs.
3. Positive Analyst Coverage and Price Target Upgrades.
Throughout fiscal Q2 2026, LB Pharmaceuticals received positive endorsement from Wall Street analysts. In May 2026, H.C. Wainwright reiterated a "Buy" rating with a $45 price target, while Stifel raised its price target to $40 from $35, maintaining a "Buy" rating. Craig-Hallum also initiated coverage with a "Buy" rating and a $36 price target. By June 2026, Clear Street reaffirmed its "Buy" rating and $45 price target, and the overall consensus from 3 to 8 analysts suggested a "Strong Buy" or "Moderate Buy" rating, with average price targets ranging from $38.40 to $40.33, indicating substantial potential upside for the stock.
4. Expansion of LB-102 Clinical Pipeline.
Beyond the pivotal Phase 3 NOVA-2 trial, LB Pharmaceuticals actively expanded its clinical development pipeline for LB-102. In January 2026, the company initiated the Phase 2 ILLUMINATE-1 trial for LB-102 in bipolar 1 depression. Concurrently, a 52-week NOVA-3 safety study for LB-102 in stable schizophrenia was also initiated. The company further announced plans to begin a Phase 2 trial of LB-102 for the adjunctive treatment of major depressive disorder in early 2027, demonstrating a broad strategy to leverage its lead asset across multiple neuropsychiatric indications.
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Stock Movement Drivers
Fundamental Drivers
The 24.9% change in LBRX stock from 2/28/2026 to 6/19/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.01 | 30.00 | 24.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 4 | 22 | -84.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| LBRX | 24.9% | |
| Market (SPY) | 9.2% | 32.5% |
| Sector (XLV) | -6.4% | 25.0% |
Fundamental Drivers
The 68.6% change in LBRX stock from 11/30/2025 to 6/19/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.79 | 30.00 | 68.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 4 | 22 | -84.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| LBRX | 68.6% | |
| Market (SPY) | 9.9% | 15.0% |
| Sector (XLV) | -4.4% | 5.1% |
Fundamental Drivers
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Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| LBRX | ||
| Market (SPY) | 28.1% | 13.4% |
| Sector (XLV) | 14.6% | 5.5% |
Fundamental Drivers
nullnull
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| LBRX | ||
| Market (SPY) | 85.7% | 13.4% |
| Sector (XLV) | 22.9% | 5.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LBRX Return | - | - | - | - | 29% | 35% | 74% |
| Peers Return | -17% | 14% | 16% | -3% | 49% | 12% | 79% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| LBRX Win Rate | - | - | - | - | 75% | 67% | |
| Peers Win Rate | 55% | 50% | 53% | 47% | 58% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LBRX Max Drawdown | - | - | - | - | - | -18% | |
| Peers Max Drawdown | -48% | -44% | -38% | -35% | -31% | -24% | |
| 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 6/18/2026 (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.
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Asset Allocation
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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 | 37.50 |
| Mkt Cap | 5.6 |
| Rev LTM | 902 |
| Op Inc LTM | 17 |
| FCF LTM | 34 |
| FCF 3Y Avg | 77 |
| CFO LTM | 37 |
| CFO 3Y Avg | 112 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.9% |
| Rev Chg 3Y Avg | 24.8% |
| Rev Chg Q | 28.2% |
| QoQ Delta Rev Chg LTM | 5.9% |
| Op Inc Chg LTM | 3.6% |
| Op Inc Chg 3Y Avg | 45.5% |
| Op Mgn LTM | 7.4% |
| Op Mgn 3Y Avg | 5.2% |
| QoQ Delta Op Mgn LTM | -2.4% |
| CFO/Rev LTM | 11.3% |
| CFO/Rev 3Y Avg | 11.4% |
| FCF/Rev LTM | 10.7% |
| FCF/Rev 3Y Avg | 7.8% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 |
|---|---|---|---|
| Development of novel therapies for the treatment of neuropsychiatric diseases, including | 0 | 0 | |
| Single Segment | 0 | ||
| Total | 0 | 0 | 0 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Development of novel therapies for the treatment of neuropsychiatric diseases, including | -30 | -65 |
| Total | -30 | -65 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Development of novel therapies for the treatment of neuropsychiatric diseases, including | -25 | -63 |
| Total | -25 | -63 |
| $ Mil | 2024 | 2023 | 2022 |
|---|---|---|---|
| Development of novel therapies for the treatment of neuropsychiatric diseases, including | 34 | 46 | |
| Single Segment | 21 | ||
| Total | 34 | 46 | 21 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.96 | 2.56 | 1.61 | 0.92 | -0.11 | -0.13 |
| Up Beta | -1.40 | 1.59 | 2.12 | 1.98 | 0.84 | 0.73 |
| Down Beta | 0.93 | -0.29 | -0.63 | -1.30 | 0.24 | -0.86 |
| Up Capture | 90% | 247% | 217% | 194% | 92% | 8% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 21 | 34 | 65 | 89 | 89 |
| Down Capture | 650% | 584% | 194% | 83% | 61% | 31% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 19 | 28 | 58 | 88 | 88 |
[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 | 73.8% | 64.5% | 1.37 | - |
| Sector ETF (XLV) | 14.0% | 15.0% | 0.66 | 5.5% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 13.4% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | -9.2% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -19.8% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | -1.4% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | -4.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LBRX | |
|---|---|---|---|---|
| LBRX | 11.6% | 64.5% | 1.37 | - |
| Sector ETF (XLV) | 5.4% | 14.7% | 0.19 | 5.5% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 13.4% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | -9.2% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | -19.8% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | -1.4% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | -4.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LBRX | |
|---|---|---|---|---|
| LBRX | 5.7% | 64.5% | 1.37 | - |
| Sector ETF (XLV) | 9.4% | 16.6% | 0.46 | 5.5% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 13.4% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | -9.2% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | -19.8% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | -1.4% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | -4.0% |
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Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Deep, Track Biotechnology Master Fund, Ltd | Direct | Buy | 9162025 | 15.00 | 2,000,000 | 30,000,000 | 40,292,070 | Form | |
| 2 | Deep, Track Biotechnology Master Fund, Ltd | Deep Track Special Opportunities Fund, LP | Buy | 9162025 | 15.00 | 666,666 | 9,999,990 | 9,999,990 | Form | |
| 3 | Pontifax, Management 4 GP (2015) Ltd | See footnote | Buy | 9162025 | 15.00 | 1,000,000 | 15,000,000 | 21,175,215 | Form | |
| 4 | Nussbaum, Ran | See footnote | Buy | 9162025 | 15.00 | 1,000,000 | 15,000,000 | 21,175,215 | Form | |
| 5 | Vida, Ventures GP Iii, Llc | Vida Ventures III, L.P. | Buy | 9162025 | 15.00 | 332,566 | 4,988,490 | 13,203,210 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Deep, Track Biotechnology Master Fund, Ltd | Direct | Buy | 9162025 | 15.00 | 2,000,000 | 30,000,000 | 40,292,070 | Form | |
| 2 | Deep, Track Biotechnology Master Fund, Ltd | Deep Track Special Opportunities Fund, LP | Buy | 9162025 | 15.00 | 666,666 | 9,999,990 | 9,999,990 | Form | |
| 3 | Pontifax, Management 4 GP (2015) Ltd | See footnote | Buy | 9162025 | 15.00 | 1,000,000 | 15,000,000 | 21,175,215 | Form | |
| 4 | Nussbaum, Ran | See footnote | Buy | 9162025 | 15.00 | 1,000,000 | 15,000,000 | 21,175,215 | Form | |
| 5 | Vida, Ventures GP Iii, Llc | Vida Ventures III, L.P. | Buy | 9162025 | 15.00 | 332,566 | 4,988,490 | 13,203,210 | Form | |
| 6 | Vida, Ventures GP Iii, Llc | Vida Ventures III-A, L.P. | Buy | 9162025 | 15.00 | 767 | 11,505 | 30,435 | Form |
Industry Resources
External Quote Links
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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