Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Up 3.9%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s stock price was up 3.9% on Wednesday . The company traded as high as $35.06 and last traded at $34.92. Approximately 33,852 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 942,794 shares. The stock had previously closed at $33.60.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on LBPH shares. Citigroup lifted their price objective on shares of Longboard Pharmaceuticals from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. B. Riley raised their target price on Longboard Pharmaceuticals from $30.00 to $36.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Evercore ISI raised their target price on Longboard Pharmaceuticals from $57.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, July 2nd. Wedbush raised their target price on Longboard Pharmaceuticals from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Finally, Cantor Fitzgerald raised their target price on Longboard Pharmaceuticals from $60.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, July 1st. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $54.63.

Longboard Pharmaceuticals Stock Performance

The company has a market cap of $1.39 billion, a PE ratio of -15.99 and a beta of 1.24. The firm has a fifty day simple moving average of $25.45 and a 200 day simple moving average of $22.54.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.06. As a group, equities analysts predict that Longboard Pharmaceuticals, Inc. will post -1.82 EPS for the current fiscal year.

Institutional Trading of Longboard Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LBPH. Ameritas Investment Partners Inc. grew its holdings in shares of Longboard Pharmaceuticals by 93.3% during the 1st 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. SG Americas Securities LLC purchased a new stake in shares of Longboard Pharmaceuticals during the 1st quarter worth about $132,000. Denali Advisors LLC purchased a new stake in shares of Longboard Pharmaceuticals during the 1st quarter worth about $201,000. American International Group Inc. grew its holdings in shares of Longboard Pharmaceuticals by 58.6% during the 1st quarter. American International Group Inc. now owns 12,283 shares of the company’s stock worth $265,000 after purchasing an additional 4,540 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in shares of Longboard Pharmaceuticals during the 1st quarter worth about $310,000. 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.