Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Gap Down to $20.34

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $20.34, but opened at $19.83. Longboard Pharmaceuticals shares last traded at $19.97, with a volume of 30,965 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on LBPH shares. B. Riley increased their target price on shares of Longboard Pharmaceuticals from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Evercore ISI upped their price target on Longboard Pharmaceuticals from $44.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, June 20th. Robert W. Baird started coverage on Longboard Pharmaceuticals in a research note on Wednesday, May 1st. They issued an “outperform” rating and a $36.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Tuesday, June 11th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Thursday, June 20th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $44.38.

Longboard Pharmaceuticals Trading Up 8.9 %

The firm has a fifty day moving average of $19.83 and a two-hundred day moving average of $19.02. The company has a market cap of $874.41 million, a PE ratio of -10.04 and a beta of 1.15.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its earnings results on Thursday, May 2nd. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.06. Sell-side analysts expect that Longboard Pharmaceuticals, Inc. will post -1.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. raised its position in shares of Longboard Pharmaceuticals by 93.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock valued at $54,000 after buying an additional 1,200 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Longboard Pharmaceuticals during the first quarter worth approximately $132,000. Denali Advisors LLC bought a new stake in shares of Longboard Pharmaceuticals in the 1st quarter worth approximately $201,000. American International Group Inc. boosted its stake in shares of Longboard Pharmaceuticals by 58.6% in the 1st quarter. American International Group Inc. now owns 12,283 shares of the company’s stock valued at $265,000 after purchasing an additional 4,540 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Longboard Pharmaceuticals during the 1st quarter valued at $310,000. 63.28% of the stock is owned by hedge funds and other institutional investors.

Longboard Pharmaceuticals Company Profile

Longboard Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on developing novel and transformative medicines for neurological diseases. The company develops bexicaserin (LP352), which has completed Phase 1b/2a clinical trial for the treatment of seizures associated with developmental and epileptic encephalopathies.