Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Gap Up Following Analyst Upgrade

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) gapped up before the market opened on Wednesday after HC Wainwright raised their price target on the stock from $60.00 to $80.00. The stock had previously closed at $27.58, but opened at $28.18. HC Wainwright currently has a buy rating on the stock. Longboard Pharmaceuticals shares last traded at $28.02, with a volume of 43,839 shares trading hands.

Several other equities analysts also recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price objective on shares of Longboard Pharmaceuticals in a research report on Monday. Truist Financial assumed coverage on Longboard Pharmaceuticals in a report on Tuesday, September 10th. They issued a “buy” rating and a $60.00 price target for the company. B. Riley upped their price target on shares of Longboard Pharmaceuticals from $36.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Wedbush raised their price objective on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Citigroup upped their target price on shares of 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, According to MarketBeat, Longboard Pharmaceuticals has a consensus rating of “Buy” and an average target price of $60.11.

Insiders Place Their Bets

In related news, CMO Randall Kaye sold 16,667 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief marketing officer now directly owns 17,920 shares in the company, valued at approximately $622,361.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 33,433 shares of company stock worth $1,108,244. Corporate insiders own 4.64% of the company’s stock.

Institutional Trading of Longboard Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. lifted its position 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Longboard Pharmaceuticals in the 2nd quarter valued at about $127,000. SG Americas Securities LLC acquired a new stake in shares of Longboard Pharmaceuticals in the first quarter valued at about $132,000. Arizona State Retirement System bought a new position in Longboard Pharmaceuticals in the second quarter valued at approximately $216,000. Finally, Denali Advisors LLC acquired a new stake in shares of Longboard Pharmaceuticals in the 1st quarter valued at approximately $201,000. 63.28% of the stock is currently owned by institutional investors.

Longboard Pharmaceuticals Price Performance

The company’s 50-day simple moving average is $34.96 and its 200-day simple moving average is $25.84. The stock has a market capitalization of $1.14 billion, a P/E ratio of -13.08 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings results 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 quarter last year, the company posted ($0.65) earnings per share. On average, analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.13 earnings per share for the current fiscal year.

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.