Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Gap Up After Analyst Upgrade

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) gapped up prior to trading on Wednesday after HC Wainwright raised their price target on the stock from $60.00 to $80.00. The stock had previously closed at $27.58, but opened at $28.18. HC Wainwright currently has a buy rating on the stock. Longboard Pharmaceuticals shares last traded at $28.02, with a volume of 43,839 shares trading hands.

A number of other brokerages also recently commented on LBPH. B. Riley raised their price objective on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. 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 report on Thursday, July 11th. Citigroup boosted their price target on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Truist Financial assumed coverage on shares of Longboard Pharmaceuticals in a research note on Tuesday, September 10th. They issued a “buy” rating and a $60.00 price objective for the company. Finally, Evercore ISI reiterated an “outperform” rating and set a $80.00 target price on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $60.11.

Insider Transactions at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the business’s stock in a transaction dated 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 directly owns 17,920 shares in the company, valued at $566,988.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last quarter, insiders have sold 33,433 shares of company stock valued at $1,108,244. 4.64% of the stock is owned by insiders.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. increased its stake in shares of 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 buying an additional 1,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Longboard Pharmaceuticals in the 2nd quarter valued at about $127,000. SG Americas Securities LLC acquired a new stake in Longboard Pharmaceuticals in the 1st quarter valued at about $132,000. Denali Advisors LLC bought a new position in shares of Longboard Pharmaceuticals in the first quarter worth about $201,000. Finally, Arizona State Retirement System acquired a new position in shares of Longboard Pharmaceuticals during the second quarter worth approximately $216,000. Institutional investors own 63.28% of the company’s stock.

Longboard Pharmaceuticals Price Performance

The firm has a market capitalization of $1.10 billion, a P/E ratio of -12.31 and a beta of 1.24. The company’s 50 day moving average price is $35.11 and its 200 day moving average price is $25.82.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same period in the previous year, the business earned ($0.65) earnings per share. On average, research analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.13 EPS for the current fiscal year.

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.