Longboard Pharmaceuticals (NASDAQ:LBPH) Lowered to Hold at Wedbush

Longboard Pharmaceuticals (NASDAQ:LBPH) was downgraded by Wedbush from a “strong-buy” rating to a “hold” rating in a research report issued on Monday, Zacks.com reports.

Several other research analysts also recently weighed in on LBPH. Evercore ISI reiterated an “outperform” rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. HC Wainwright reiterated a “neutral” rating and set a $60.00 price target (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research note on Tuesday. Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday. Robert W. Baird raised their target price on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, July 11th. Finally, Truist Financial restated a “hold” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Tuesday. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $59.56.

Longboard Pharmaceuticals Price Performance

Shares of NASDAQ:LBPH opened at $59.08 on Monday. The company has a market capitalization of $2.30 billion, a PE ratio of -26.38 and a beta of 1.22. The business has a fifty day moving average price of $35.38 and a two-hundred day moving average price of $28.09. Longboard Pharmaceuticals has a 1 year low of $3.60 and a 1 year high of $59.12.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same period in the prior year, the company posted ($0.65) earnings per share. Sell-side analysts anticipate that Longboard Pharmaceuticals will post -2.19 earnings per share for the current year.

Insider Buying and Selling at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $31.64, for a total value of $527,312.24. Following the sale, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $566,988.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.64% of the company’s stock.

Institutional Trading of Longboard Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of LBPH. Denali Advisors LLC purchased a new position in shares of Longboard Pharmaceuticals during the 1st quarter valued at about $201,000. Jennison Associates LLC raised its holdings in shares of Longboard Pharmaceuticals by 96.0% during the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock valued at $20,356,000 after buying an additional 461,576 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Longboard Pharmaceuticals during the 1st quarter valued at about $310,000. SG Americas Securities LLC purchased a new position in shares of Longboard Pharmaceuticals during the 1st quarter valued at about $132,000. Finally, Swiss National Bank purchased a new position in shares of Longboard Pharmaceuticals during the 1st quarter valued at about $914,000. Hedge funds and other institutional investors own 63.28% of the company’s stock.

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.