Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives Average Rating of “Hold” from Brokerages

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) have received a consensus recommendation of “Hold” from the nine research firms that are covering the company, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $59.56.

Several equities research analysts have issued reports on LBPH shares. Wedbush cut shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Truist Financial reissued a “hold” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. B. Riley reaffirmed a “neutral” rating and issued a $60.00 price objective (up previously from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Finally, Evercore ISI reissued an “outperform” rating and set a $80.00 target price on shares of Longboard Pharmaceuticals in a report on Monday, August 26th.

Longboard Pharmaceuticals Stock Performance

Shares of NASDAQ:LBPH opened at $59.96 on Friday. The stock has a market capitalization of $2.34 billion, a P/E ratio of -26.89 and a beta of 1.07. Longboard Pharmaceuticals has a 1 year low of $3.60 and a 1 year high of $59.98. The stock has a 50-day simple moving average of $50.95 and a 200-day simple moving average of $36.69.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.04). Analysts predict that Longboard Pharmaceuticals will post -2.22 earnings per share for the current year.

Insiders Place Their Bets

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $31.64, for a total value of $527,312.24. Following the completion of the sale, the chief marketing officer now directly owns 17,920 shares in the company, valued at $566,988.80. This represents a 48.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.64% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of LBPH. RA Capital Management L.P. bought a new position in shares of Longboard Pharmaceuticals in the first quarter valued at $71,045,000. Farallon Capital Management LLC grew its holdings in shares of Longboard Pharmaceuticals by 88.4% in 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 last quarter. Vanguard Group Inc. raised its position 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 worth $37,248,000 after purchasing an additional 937,998 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings 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 valued at $47,910,000 after purchasing an additional 591,013 shares during the last quarter. Finally, Emerald Advisers LLC boosted its position in shares of Longboard Pharmaceuticals by 199.2% in the 3rd quarter. Emerald Advisers LLC now owns 683,642 shares of the company’s stock valued at $22,786,000 after purchasing an additional 455,119 shares during the period. 63.28% of the stock is currently owned by institutional investors.

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.