Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Sees Large Drop in Short Interest

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 1,920,000 shares, a drop of 62.9% from the October 15th total of 5,170,000 shares. Approximately 5.7% of the company’s stock are short sold. Based on an average daily volume of 1,630,000 shares, the short-interest ratio is currently 1.2 days.

Longboard Pharmaceuticals Trading Up 0.0 %

LBPH stock traded up $0.02 during midday trading on Wednesday, reaching $59.75. 430,547 shares of the company’s stock traded hands, compared to its average volume of 1,124,600. Longboard Pharmaceuticals has a fifty-two week low of $3.60 and a fifty-two week high of $59.95. The business has a 50-day moving average price of $45.05 and a two-hundred day moving average price of $33.83.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.04). On average, analysts anticipate that Longboard Pharmaceuticals will post -2.22 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wedbush cut shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Evercore ISI restated an “outperform” rating and issued a $80.00 target price on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Truist Financial restated a “hold” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. B. Riley restated a “neutral” rating and issued a $60.00 price objective (up from $45.00) on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Finally, HC Wainwright reissued a “neutral” rating and set a $60.00 price target (down from $80.00) on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Longboard Pharmaceuticals currently has a consensus rating of “Hold” and a consensus price target of $59.56.

Insider Transactions at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,667 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $59.03, for a total transaction of $983,853.01. Following the transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at approximately $1,057,817.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of LBPH. RA Capital Management L.P. bought a new stake in shares of Longboard Pharmaceuticals during the first quarter worth $71,045,000. Farallon Capital Management LLC grew its holdings in 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. Vanguard Group Inc. increased its holdings in shares of Longboard Pharmaceuticals by 119.3% during the first quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock valued at $37,248,000 after acquiring an additional 937,998 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 acquiring an additional 591,013 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in shares of Longboard Pharmaceuticals in the first quarter worth approximately $10,264,000. 63.28% of the stock is 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.