Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Up 8.4% After Analyst Upgrade

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was up 8.4% on Thursday after HC Wainwright raised their price target on the stock from $60.00 to $80.00. HC Wainwright currently has a buy rating on the stock. Longboard Pharmaceuticals traded as high as $31.84 and last traded at $31.77. Approximately 246,652 shares changed hands during trading, a decline of 71% from the average daily volume of 855,635 shares. The stock had previously closed at $29.31.

LBPH has been the topic of several other research reports. B. Riley increased their price target on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Evercore ISI restated an “outperform” rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Wedbush upped their price objective on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday. Robert W. Baird boosted their target price on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, July 11th. Finally, Citigroup upped their target price on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $60.11.

Insider Activity at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,666 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $31.64, for a total transaction of $527,312.24. Following the transaction, the chief marketing officer now directly owns 17,920 shares in the company, valued at $566,988.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 33,433 shares of company stock valued at $1,108,244 over the last ninety days. Corporate insiders own 4.64% of the company’s stock.

Institutional Trading of Longboard Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. grew its stake in Longboard Pharmaceuticals by 93.3% in the 1st 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 period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Longboard Pharmaceuticals during the second quarter valued at about $127,000. SG Americas Securities LLC bought a new position in Longboard Pharmaceuticals during the first quarter valued at about $132,000. Denali Advisors LLC purchased a new stake in Longboard Pharmaceuticals during the first quarter worth about $201,000. Finally, Arizona State Retirement System bought a new stake in Longboard Pharmaceuticals in the second quarter worth about $216,000. 63.28% of the stock is currently owned by institutional investors.

Longboard Pharmaceuticals Price Performance

The stock’s 50 day simple moving average is $34.80 and its two-hundred day simple moving average is $25.98. The stock has a market capitalization of $1.32 billion, a PE ratio of -15.13 and a beta of 1.24.

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 firm posted ($0.65) earnings per share. As a group, equities research analysts predict that Longboard Pharmaceuticals, Inc. will post -2.13 earnings per share for the current fiscal year.

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.