Traders Buy Large Volume of Longboard Pharmaceuticals Call Options (NASDAQ:LBPH)

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was the recipient of unusually large options trading activity on Monday. Traders purchased 4,265 call options on the company. This is an increase of 1,960% compared to the average volume of 207 call options.

Longboard Pharmaceuticals Trading Up 0.2 %

LBPH opened at $59.08 on Wednesday. Longboard Pharmaceuticals has a 12-month low of $3.60 and a 12-month high of $59.12. The business’s fifty day simple moving average is $35.38 and its 200-day simple moving average is $28.09. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -26.38 and a beta of 1.22.

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 analysts’ consensus estimates of ($0.46) by ($0.10). During the same period in the previous year, the firm posted ($0.65) earnings per share. On average, equities research analysts predict that Longboard Pharmaceuticals will post -2.19 EPS for the current year.

Wall Street Analysts Forecast Growth

LBPH has been the subject of a number of analyst reports. Evercore ISI reissued an “outperform” rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. HC Wainwright reaffirmed a “neutral” rating and issued a $60.00 price target (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research report on Tuesday. Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a report on Monday. Wedbush boosted their price target on Longboard Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, September 17th. Finally, Truist Financial reiterated a “hold” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.56.

Insiders Place Their Bets

In related news, CMO Randall Kaye sold 16,666 shares of the business’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 sale, the chief marketing officer now directly owns 17,920 shares in the company, valued at approximately $566,988.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. raised its stake in shares of Longboard Pharmaceuticals by 93.3% in the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock worth $54,000 after purchasing an additional 1,200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Longboard Pharmaceuticals in the second quarter valued at approximately $127,000. SG Americas Securities LLC purchased a new position in shares of Longboard Pharmaceuticals in the first quarter valued at approximately $132,000. Denali Advisors LLC purchased a new position in Longboard Pharmaceuticals during the first quarter worth approximately $201,000. Finally, Arizona State Retirement System purchased a new position in Longboard Pharmaceuticals during the second quarter worth about $216,000. 63.28% of the stock is currently owned by hedge funds and other institutional investors.

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.