Longboard Pharmaceuticals (NASDAQ:LBPH) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a $90.00 price target on the stock.

Several other brokerages also recently weighed in on LBPH. Truist Financial began coverage on Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They set a buy rating and a $60.00 price objective for the company. Robert W. Baird lifted their price target on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an outperform rating in a report on Thursday, July 11th. B. Riley increased their price objective on shares of Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company a buy rating in a research note on Monday, August 5th. Wedbush lowered their price target on shares of Longboard Pharmaceuticals from $42.00 to $40.00 and set an outperform rating for the company in a report on Friday, August 2nd. Finally, Evercore ISI reiterated an outperform rating and issued a $80.00 target price on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $60.11.

Longboard Pharmaceuticals Stock Up 14.0 %

LBPH opened at $33.40 on Monday. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -14.91 and a beta of 1.24. Longboard Pharmaceuticals has a twelve month low of $3.60 and a twelve month high of $40.48. The company has a 50-day simple moving average of $34.96 and a 200 day simple moving average of $25.84.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same period in the prior year, the company earned ($0.65) EPS. Sell-side analysts anticipate that Longboard Pharmaceuticals will post -2.13 EPS for the current fiscal year.

Insider Buying and Selling at Longboard Pharmaceuticals

In other news, CMO Randall Kaye sold 16,666 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $31.64, for a total value of $527,312.24. Following the transaction, the chief marketing officer now owns 17,920 shares in the company, valued at approximately $566,988.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 33,433 shares of company stock valued at $1,108,244. 4.64% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in LBPH. Ameritas Investment Partners Inc. grew its stake in Longboard Pharmaceuticals by 93.3% during the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock worth $54,000 after purchasing an additional 1,200 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Longboard Pharmaceuticals during the 2nd quarter worth approximately $127,000. SG Americas Securities LLC bought a new stake in shares of Longboard Pharmaceuticals in the 1st quarter valued at $132,000. Arizona State Retirement System acquired a new position in shares of Longboard Pharmaceuticals during the 2nd quarter valued at $216,000. Finally, Denali Advisors LLC bought a new position in Longboard Pharmaceuticals during the first quarter worth $201,000. 63.28% of the stock is 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.