Does it work for werewolves like it does for vampires?

I'd assume so, since the Lord Stone works for Werewolves, granting you 50 Armor (6% Physical Damage Reduction) and 25% Resist Magic.
That is the only way for Werewolves to get Armor Rating, besides casting a Armor spell (Ebonyflesh, Dragonhide) right before transforming. Best to drink a Fortify Alteration potion before casting, to make it last longer.

Ya beat me to it

Thanks i really hope it works because i want my health to regenerate while in wolf form and the lady stone is the only one which has it.