Longboard Pharmaceuticals (NASDAQ:LBPH) Hits New 12-Month High at $43.15

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $43.15 and last traded at $39.72, with a volume of 137233 shares. The stock had previously closed at $37.09.

Analyst Upgrades and Downgrades

LBPH has been the topic of a number of recent analyst reports. HC Wainwright raised their price target on shares of Longboard Pharmaceuticals from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Evercore ISI reiterated an “outperform” rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Robert W. Baird lifted their target price on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, July 11th. Citigroup increased their target price on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price objective on shares of Longboard Pharmaceuticals in a research report on Monday, September 16th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $60.11.

Longboard Pharmaceuticals Stock Up 7.4 %

The firm has a market cap of $1.55 billion, a PE ratio of -17.71 and a beta of 1.24. The stock has a 50-day simple moving average of $34.27 and a two-hundred day simple moving average of $26.72.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced 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 company posted ($0.65) EPS. Research analysts expect that Longboard Pharmaceuticals, Inc. will post -2.19 earnings per share for the current year.

Insider Buying and Selling

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the stock in a transaction 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 completion of the sale, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at approximately $566,988.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.64% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. raised its holdings in Longboard Pharmaceuticals by 93.3% in the 1st 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 stake in Longboard Pharmaceuticals during the second quarter worth about $127,000. SG Americas Securities LLC purchased a new stake in Longboard Pharmaceuticals in the first quarter worth about $132,000. Arizona State Retirement System bought a new position in shares of Longboard Pharmaceuticals during the second quarter valued at approximately $216,000. Finally, Denali Advisors LLC bought a new stake in shares of Longboard Pharmaceuticals in the 1st quarter worth approximately $201,000. Institutional investors own 63.28% of the company’s stock.

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.