Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Up 8.4% After Analyst Upgrade

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s share price traded up 8.4% on Thursday after HC Wainwright raised their price target on the stock from $60.00 to $80.00. HC Wainwright currently has a buy rating on the stock. Longboard Pharmaceuticals traded as high as $31.84 and last traded at $31.77. Approximately 246,652 shares traded hands during trading, a decline of 71% from the average daily volume of 855,635 shares. The stock had previously closed at $29.31.

LBPH has been the subject of a number of other reports. Citigroup raised their price target on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Wedbush lifted their price target on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday. Evercore ISI restated an “outperform” rating and set a $80.00 target price on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Robert W. Baird upped their price objective on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, July 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price target on shares of Longboard Pharmaceuticals in a report on Monday. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Longboard Pharmaceuticals has an average rating of “Buy” and a consensus price target of $60.11.

Insider Activity at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $31.64, for a total value of $527,312.24. Following the completion of the sale, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $566,988.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 33,433 shares of company stock valued at $1,108,244 over the last quarter. 4.64% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. grew 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 acquiring an additional 1,200 shares during the period. Squarepoint Ops LLC lifted its position in Longboard Pharmaceuticals by 30.4% during the second quarter. Squarepoint Ops LLC now owns 13,972 shares of the company’s stock worth $378,000 after buying an additional 3,260 shares in the last quarter. American International Group Inc. increased its stake in Longboard Pharmaceuticals by 58.6% during the first quarter. American International Group Inc. now owns 12,283 shares of the company’s stock worth $265,000 after acquiring an additional 4,540 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Longboard Pharmaceuticals during the second quarter worth $127,000. Finally, SG Americas Securities LLC acquired a new stake in Longboard Pharmaceuticals during the first quarter worth $132,000. 63.28% of the stock is owned by hedge funds and other institutional investors.

Longboard Pharmaceuticals Price Performance

The stock has a 50 day moving average price of $34.96 and a two-hundred day moving average price of $25.84. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -14.91 and a beta of 1.24.

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

About Longboard Pharmaceuticals

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.