Longboard Pharmaceuticals (NASDAQ:LBPH) Hits New 52-Week High – What’s Next?

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) hit a new 52-week high during trading on Wednesday . The company traded as high as $59.55 and last traded at $59.46, with a volume of 260073 shares traded. The stock had previously closed at $59.40.

Analyst Upgrades and Downgrades

LBPH has been the topic of several recent analyst reports. Cantor Fitzgerald reissued a “neutral” rating on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Wedbush downgraded Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Citigroup boosted their target price on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. HC Wainwright reiterated a “neutral” rating and issued a $60.00 price target (down from $80.00) on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Finally, Truist Financial restated a “hold” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Longboard Pharmaceuticals currently has a consensus rating of “Hold” and an average price target of $59.56.

Longboard Pharmaceuticals Price Performance

The company has a market cap of $2.32 billion, a PE ratio of -26.59 and a beta of 1.22. The stock has a 50 day simple moving average of $38.25 and a two-hundred day simple moving average of $29.72.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its earnings results on Thursday, August 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same quarter last year, the business earned ($0.65) EPS. As a group, equities analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.19 EPS for the current fiscal year.

Insider Activity

In other news, CMO Randall Kaye sold 16,667 shares of the stock in a transaction dated 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 sale, the chief marketing officer now owns 17,920 shares in the company, valued at approximately $622,361.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders sold 50,000 shares of company stock valued at $2,090,010. Insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Large investors have recently modified their holdings of the stock. RA Capital Management L.P. acquired a new position in Longboard Pharmaceuticals in the 1st quarter valued at $71,045,000. Farallon Capital Management LLC boosted its holdings in shares of Longboard Pharmaceuticals by 88.4% in the first quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock valued at $63,515,000 after acquiring an additional 1,380,000 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Longboard Pharmaceuticals by 36.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock worth $47,910,000 after acquiring an additional 591,013 shares during the period. Vanguard Group Inc. raised its holdings in Longboard Pharmaceuticals by 119.3% during the first quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock worth $37,248,000 after purchasing an additional 937,998 shares in the last quarter. Finally, Integral Health Asset Management LLC lifted its position in Longboard Pharmaceuticals by 12.8% in the second quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company’s stock valued at $29,733,000 after purchasing an additional 125,000 shares during the period. Hedge funds and other institutional investors 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.