Longboard Pharmaceuticals (NASDAQ:LBPH) Trading 2.5% Higher

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares rose 2.5% on Friday . The stock traded as high as $34.83 and last traded at $34.74. Approximately 105,155 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 865,833 shares. The stock had previously closed at $33.89.

Analyst Ratings Changes

A number of research analysts have recently issued reports on LBPH shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 target price on shares of Longboard Pharmaceuticals in a research note on Friday, August 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Thursday, August 22nd. Wedbush decreased their price objective on Longboard Pharmaceuticals from $42.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. B. Riley upped their price target on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Evercore ISI reissued an “outperform” rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Longboard Pharmaceuticals presently has an average rating of “Buy” and a consensus target price of $57.13.

Longboard Pharmaceuticals Price Performance

The stock has a market cap of $1.35 billion, a P/E ratio of -15.13 and a beta of 1.24. The stock’s 50 day simple moving average is $34.89 and its two-hundred day simple moving average is $25.16.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same quarter last year, the company earned ($0.65) EPS. As a group, analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.12 earnings per share for the current fiscal year.

Insider Activity

In other news, CMO Randall Kaye sold 16,667 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $34.73, for a total transaction of $578,844.91. Following the completion of the transaction, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $622,361.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. CIBC Asset Management Inc increased its position in shares of 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 purchasing an additional 67,607 shares during the last quarter. Platinum Investment Management Ltd. bought a new stake in Longboard Pharmaceuticals during the fourth quarter worth $766,000. Parkman Healthcare Partners LLC raised its position in Longboard Pharmaceuticals by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock worth $2,592,000 after acquiring an additional 73,935 shares in the last quarter. Denali Advisors LLC acquired a new stake in Longboard Pharmaceuticals in the first quarter valued at $201,000. Finally, Jennison Associates LLC grew its position in shares of Longboard Pharmaceuticals by 96.0% in the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock valued at $20,356,000 after acquiring an additional 461,576 shares during the period. Institutional investors and hedge funds 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.