Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Down 3.8%

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) dropped 3.8% during mid-day trading on Friday . The company traded as low as $36.92 and last traded at $36.92. Approximately 127,798 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 954,732 shares. The stock had previously closed at $38.36.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on LBPH shares. Evercore ISI lifted their price objective on Longboard Pharmaceuticals from $57.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 2nd. Robert W. Baird upped their price objective on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday. Citigroup lifted their price target on shares of Longboard Pharmaceuticals from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. B. Riley upped their price objective 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. Finally, HC Wainwright reissued a “buy” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Tuesday, June 11th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, Longboard Pharmaceuticals presently has an average rating of “Buy” and an average target price of $54.63.

Longboard Pharmaceuticals Price Performance

The company’s 50 day simple moving average is $22.35 and its 200 day simple moving average is $20.94. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -15.98 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.42) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.06. As a group, analysts forecast that Longboard Pharmaceuticals, Inc. will post -1.82 earnings per share for the current year.

Institutional Trading of Longboard Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC acquired a new position in Longboard Pharmaceuticals in the fourth quarter valued at $2,899,000. CIBC Asset Management Inc grew its stake in Longboard Pharmaceuticals by 46.8% during the 4th quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock worth $1,279,000 after buying an additional 67,607 shares during the last quarter. Platinum Investment Management Ltd. purchased a new position in Longboard Pharmaceuticals during the 4th quarter worth approximately $766,000. Parkman Healthcare Partners LLC lifted its stake in Longboard Pharmaceuticals by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock valued at $2,592,000 after buying an additional 73,935 shares during the last quarter. Finally, Denali Advisors LLC purchased a new position in shares of Longboard Pharmaceuticals during the first quarter worth approximately $201,000. Institutional investors and hedge funds 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.