Longboard Pharmaceuticals (NASDAQ:LBPH) Price Target Raised to $80.00 at HC Wainwright

Longboard Pharmaceuticals (NASDAQ:LBPH) had its target price hoisted by HC Wainwright from $60.00 to $80.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also issued reports on LBPH. Citigroup increased their price target 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. Wedbush increased their target price on Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an outperform rating in a report on Tuesday. Truist Financial started coverage on Longboard Pharmaceuticals in a research note on Tuesday, September 10th. They issued a buy rating and a $60.00 price target on the stock. Evercore ISI reiterated an outperform rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Finally, Cantor Fitzgerald restated an overweight rating and issued a $90.00 target price on shares of Longboard Pharmaceuticals in a research note on Monday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of Buy and an average price target of $60.11.

Longboard Pharmaceuticals Trading Up 6.3 %

LBPH opened at $29.31 on Wednesday. The stock’s 50 day simple moving average is $34.96 and its 200-day simple moving average is $25.84. The stock has a market cap of $1.14 billion, a PE ratio of -13.08 and a beta of 1.24. Longboard Pharmaceuticals has a 1 year low of $3.60 and a 1 year high of $40.48.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same quarter in the previous year, the company earned ($0.65) EPS. Equities analysts forecast that Longboard Pharmaceuticals will post -2.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CMO Randall Kaye sold 16,666 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $31.64, for a total transaction of $527,312.24. Following the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at $566,988.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders sold 33,433 shares of company stock valued at $1,108,244. Insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. RA Capital Management L.P. bought a new stake in Longboard Pharmaceuticals during the 1st quarter worth about $71,045,000. Farallon Capital Management LLC grew its position in shares of Longboard Pharmaceuticals by 88.4% during the 1st quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock worth $63,515,000 after buying an additional 1,380,000 shares during the period. Vanguard Group Inc. raised its stake in shares of Longboard Pharmaceuticals by 119.3% during the first quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock worth $37,248,000 after buying an additional 937,998 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Longboard Pharmaceuticals by 36.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock valued at $47,910,000 after buying an additional 591,013 shares during the period. Finally, Lord Abbett & CO. LLC bought a new position in Longboard Pharmaceuticals in the first quarter valued at approximately $10,264,000. 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.