Brokerages Set Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) PT at $59.56

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) have been given an average rating of “Hold” by the nine analysts that are covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $59.56.

A number of research firms have recently weighed in on LBPH. HC Wainwright reissued a “neutral” rating and issued a $60.00 price objective (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. Truist Financial restated a “hold” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Wedbush lowered shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Cantor Fitzgerald reissued a “neutral” rating on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $80.00 price target on shares of Longboard Pharmaceuticals in a report on Monday, August 26th.

Longboard Pharmaceuticals Stock Performance

LBPH stock opened at $59.98 on Tuesday. Longboard Pharmaceuticals has a one year low of $3.60 and a one year high of $60.03. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -26.90 and a beta of 1.00. The firm has a 50-day simple moving average of $59.75 and a two-hundred day simple moving average of $41.67.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its earnings results on Thursday, November 7th. The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.04). As a group, equities analysts predict that Longboard Pharmaceuticals will post -2.22 earnings per share for the current fiscal year.

Insider Activity at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock in a transaction that occurred 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 completion of the transaction, the chief marketing officer now directly owns 17,920 shares in the company, valued at approximately $1,057,817.60. This trade represents a 48.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.64% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. KBC Group NV purchased a new stake in Longboard Pharmaceuticals during the third quarter worth $65,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Longboard Pharmaceuticals in the second quarter worth about $127,000. Arizona State Retirement System purchased a new stake in shares of Longboard Pharmaceuticals during the 2nd quarter worth about $216,000. Mesirow Financial Investment Management Inc. acquired a new stake in shares of Longboard Pharmaceuticals during the 3rd quarter valued at about $221,000. Finally, Intech Investment Management LLC purchased a new position in shares of Longboard Pharmaceuticals in the 3rd quarter valued at about $271,000. Institutional investors and hedge funds own 63.28% of the company’s stock.

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.