Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Up 4.3%

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) were up 4.3% during trading on Tuesday . The stock traded as high as $35.01 and last traded at $34.75. Approximately 187,932 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 848,960 shares. The stock had previously closed at $33.33.

Analysts Set New Price Targets

A number of brokerages have weighed in on LBPH. Wedbush upped their price target on Longboard Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, September 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 target price on shares of Longboard Pharmaceuticals in a research report on Monday, September 16th. HC Wainwright upped their price objective on shares of Longboard Pharmaceuticals from $60.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. B. Riley lifted their target price on shares of Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Citigroup increased 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. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $60.11.

Longboard Pharmaceuticals Stock Performance

The stock has a market capitalization of $1.36 billion, a P/E ratio of -15.81 and a beta of 1.24. The stock has a 50-day simple moving average of $34.20 and a 200 day simple moving average of $26.60.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same period in the previous year, the business posted ($0.65) earnings per share. Equities analysts predict that Longboard Pharmaceuticals, Inc. will post -2.19 earnings per share for the current year.

Insider Buying and Selling

In other news, CMO Randall Kaye sold 16,666 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $31.64, for a total value of $527,312.24. Following the transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at approximately $566,988.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.64% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LBPH. Driehaus Capital Management LLC grew its position in shares of Longboard Pharmaceuticals by 25.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 488,793 shares of the company’s stock worth $13,212,000 after buying an additional 100,321 shares during the period. Lynx1 Capital Management LP bought a new stake in Longboard Pharmaceuticals in the second quarter valued at approximately $4,523,000. The Manufacturers Life Insurance Company raised its holdings in Longboard Pharmaceuticals by 40.2% in the second quarter. The Manufacturers Life Insurance Company now owns 117,739 shares of the company’s stock worth $3,182,000 after purchasing an additional 33,755 shares during the period. Squarepoint Ops LLC boosted its position in shares of 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 purchasing an additional 3,260 shares in the last quarter. Finally, Integral Health Asset Management LLC increased its position in shares of Longboard Pharmaceuticals by 12.8% in the 2nd quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company’s stock valued at $29,733,000 after buying an additional 125,000 shares in the last quarter. Institutional investors own 63.28% of the company’s stock.

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.