Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Down 4.8%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares fell 4.8% on Monday . The stock traded as low as $35.62 and last traded at $35.62. 116,600 shares changed hands during trading, a decline of 88% from the average session volume of 938,192 shares. The stock had previously closed at $37.40.

Wall Street Analyst Weigh In

LBPH has been the topic of a number of research reports. Cantor Fitzgerald increased their target price on shares of Longboard Pharmaceuticals from $60.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, July 1st. B. Riley lifted 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. Robert W. Baird increased their price target on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, July 11th. Evercore ISI lifted their price objective on Longboard Pharmaceuticals from $57.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, July 2nd. Finally, HC Wainwright reissued a “buy” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Tuesday, June 11th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $54.63.

Longboard Pharmaceuticals Stock Down 6.7 %

The stock has a fifty day moving average of $25.79 and a 200-day moving average of $22.62. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of -15.83 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.42) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.06. On average, equities analysts forecast that Longboard Pharmaceuticals, Inc. will post -1.82 EPS for the current fiscal year.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. boosted its holdings in Longboard Pharmaceuticals by 93.3% in the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock valued at $54,000 after purchasing an additional 1,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Longboard Pharmaceuticals in the second quarter valued at approximately $127,000. SG Americas Securities LLC acquired a new stake in shares of Longboard Pharmaceuticals in the first quarter valued at approximately $132,000. Denali Advisors LLC acquired a new stake in shares of Longboard Pharmaceuticals in the first quarter valued at approximately $201,000. Finally, American International Group Inc. boosted its holdings in shares of Longboard Pharmaceuticals by 58.6% in the first quarter. American International Group Inc. now owns 12,283 shares of the company’s stock valued at $265,000 after acquiring an additional 4,540 shares during the period. 63.28% of the stock is owned by institutional investors and hedge funds.

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.