Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives Consensus Rating of “Buy” from Brokerages

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) has earned an average recommendation of “Buy” from the eight research firms that are covering the stock, MarketBeat reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $54.63.

A number of research firms recently commented on LBPH. Cantor Fitzgerald increased their price target on Longboard Pharmaceuticals from $60.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, July 1st. HC Wainwright reissued a “buy” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Tuesday, June 11th. Citigroup raised their target price on 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 raised their target price on Longboard Pharmaceuticals from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Finally, Wedbush raised their target price on Longboard Pharmaceuticals from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Farallon Capital Management LLC grew its stake 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 acquiring an additional 1,380,000 shares during the period. RA Capital Management L.P. bought a new position in Longboard Pharmaceuticals in the 1st quarter worth about $71,045,000. California State Teachers Retirement System boosted its stake in Longboard Pharmaceuticals by 748.2% in the 1st quarter. California State Teachers Retirement System now owns 21,747 shares of the company’s stock worth $470,000 after purchasing an additional 19,183 shares during the period. AWM Investment Company Inc. bought a new position in Longboard Pharmaceuticals in the 1st quarter worth about $4,569,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in Longboard Pharmaceuticals by 36.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock worth $47,910,000 after purchasing an additional 591,013 shares during the period. Institutional investors own 63.28% of the company’s stock.

Longboard Pharmaceuticals Stock Up 5.7 %

Shares of LBPH opened at $35.50 on Friday. Longboard Pharmaceuticals has a 12-month low of $3.60 and a 12-month high of $40.48. The business’s fifty day moving average is $25.15 and its 200 day moving average is $22.45. The stock has a market cap of $1.38 billion, a P/E ratio of -15.85 and a beta of 1.24.

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