Longboard Pharmaceuticals (NASDAQ:LBPH) PT Raised to $44.00

Longboard Pharmaceuticals (NASDAQ:LBPH) had its target price upped by equities research analysts at Wedbush from $40.00 to $44.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price target suggests a potential upside of 50.12% from the company’s previous close.

Several other equities research analysts have also recently weighed in on LBPH. Citigroup boosted their price objective on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Evercore ISI reiterated an “outperform” rating and issued a $80.00 price target on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price target on shares of Longboard Pharmaceuticals in a report on Monday. Robert W. Baird boosted their price target on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, July 11th. Finally, Truist Financial started coverage on shares of Longboard Pharmaceuticals in a research note on Tuesday, September 10th. They issued a “buy” rating and a $60.00 price objective for the company. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, Longboard Pharmaceuticals has a consensus rating of “Buy” and an average target price of $60.11.

Longboard Pharmaceuticals Trading Up 6.3 %

Shares of LBPH stock opened at $29.31 on Tuesday. The stock’s 50-day moving average price is $34.96 and its 200-day moving average price is $25.84. Longboard Pharmaceuticals has a 12-month low of $3.60 and a 12-month high of $40.48. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -13.08 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same period in the prior year, the company earned ($0.65) earnings per share. As a group, research analysts predict that Longboard Pharmaceuticals will post -2.13 EPS for the current fiscal year.

Insider Transactions at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,667 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $34.73, for a total value of $578,844.91. Following the transaction, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $622,361.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 33,433 shares of company stock valued at $1,108,244. Corporate insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. CIBC Asset Management Inc boosted its holdings in Longboard Pharmaceuticals by 46.8% in the fourth quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock valued at $1,279,000 after purchasing an additional 67,607 shares during the last quarter. Parkman Healthcare Partners LLC lifted its stake in Longboard Pharmaceuticals by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock valued at $2,592,000 after buying an additional 73,935 shares in the last quarter. Platinum Investment Management Ltd. purchased a new position in Longboard Pharmaceuticals in the 4th quarter valued at about $766,000. Jennison Associates LLC lifted its stake in Longboard Pharmaceuticals by 96.0% in the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock valued at $20,356,000 after buying an additional 461,576 shares in the last quarter. Finally, Swiss National Bank purchased a new position in Longboard Pharmaceuticals in the 1st quarter valued at about $914,000. 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.