Longboard Pharmaceuticals (NASDAQ:LBPH) Issues Earnings Results

Longboard Pharmaceuticals (NASDAQ:LBPH) released its quarterly earnings results on Thursday. The company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.04), reports.

Longboard Pharmaceuticals Stock Performance

Shares of LBPH opened at $59.81 on Friday. Longboard Pharmaceuticals has a 1 year low of $3.60 and a 1 year high of $59.95. The company’s 50-day simple moving average is $44.06 and its 200-day simple moving average is $33.17. The stock has a market capitalization of $2.33 billion, a PE ratio of -27.82 and a beta of 1.07.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on LBPH shares. Citigroup upped their price target on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. B. Riley reissued a “neutral” rating and set a $60.00 target price (up previously from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Truist Financial reissued a “hold” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Wedbush cut Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Finally, HC Wainwright restated a “neutral” rating and set a $60.00 price target (down previously from $80.00) on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Longboard Pharmaceuticals presently has a consensus rating of “Hold” and a consensus target price of $59.56.

Insiders Place Their Bets

In other news, CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $59.03, for a total value of $983,853.01. Following the completion of the transaction, the chief marketing officer now owns 17,920 shares in the company, valued at approximately $1,057,817.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 50,000 shares of company stock worth $2,090,010 in the last ninety days. 4.64% of the stock is owned by corporate insiders.

Institutional Trading of Longboard Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of LBPH. RA Capital Management L.P. acquired a new position in shares of Longboard Pharmaceuticals in the 1st quarter valued at $71,045,000. Farallon Capital Management LLC boosted its holdings in Longboard Pharmaceuticals by 88.4% in the 1st quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock valued at $63,515,000 after purchasing an additional 1,380,000 shares in the last quarter. Vanguard Group Inc. increased its position in Longboard Pharmaceuticals by 119.3% during the 1st 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 during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Longboard Pharmaceuticals by 36.3% during 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 buying an additional 591,013 shares in the last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in shares of Longboard Pharmaceuticals in the first quarter valued at approximately $10,264,000. 63.28% of the stock is currently owned by institutional investors and hedge funds.

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.