Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Up 4.8%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares shot up 4.8% on Friday . The stock traded as high as $23.80 and last traded at $23.56. 509,227 shares changed hands during trading, a decline of 45% from the average session volume of 928,970 shares. The stock had previously closed at $22.49.

Wall Street Analyst Weigh In

A number of research firms have commented on LBPH. Wedbush boosted their price target on shares of Longboard Pharmaceuticals from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. HC Wainwright reaffirmed a “buy” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Tuesday, June 11th. Evercore ISI increased their target price on shares of Longboard Pharmaceuticals from $44.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, June 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a report on Thursday, June 20th. Finally, B. Riley increased their target price on shares of Longboard Pharmaceuticals from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $44.38.

Longboard Pharmaceuticals Stock Up 20.2 %

The business’s 50 day simple moving average is $19.83 and its 200 day simple moving average is $19.02. The company has a market capitalization of $1.05 billion, a PE ratio of -12.02 and a beta of 1.15.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.06. On average, analysts anticipate that Longboard Pharmaceuticals, Inc. will post -1.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LBPH. Ameritas Investment Partners Inc. grew its holdings in Longboard Pharmaceuticals by 93.3% during the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock valued at $54,000 after purchasing an additional 1,200 shares during the last quarter. SG Americas Securities LLC acquired a new position in Longboard Pharmaceuticals during the first quarter valued at approximately $132,000. Denali Advisors LLC acquired a new position in Longboard Pharmaceuticals during the first quarter valued at approximately $201,000. American International Group Inc. grew its holdings in Longboard Pharmaceuticals by 58.6% during the first quarter. American International Group Inc. now owns 12,283 shares of the company’s stock valued at $265,000 after purchasing an additional 4,540 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in Longboard Pharmaceuticals during the first quarter valued at approximately $310,000. 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.