Longboard Pharmaceuticals (NASDAQ:LBPH) Sets New 12-Month High – Here’s What Happened

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $59.55 and last traded at $59.46, with a volume of 260073 shares. The stock had previously closed at $59.40.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Citigroup raised their price target on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Truist Financial reissued a “hold” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Robert W. Baird increased their price objective on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, July 11th. Cantor Fitzgerald reissued a “neutral” rating on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Finally, B. Riley reaffirmed a “neutral” rating and set a $60.00 target price (up from $45.00) on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $59.56.

Longboard Pharmaceuticals Price Performance

The company has a 50-day moving average of $37.28 and a 200 day moving average of $29.22. The company has a market cap of $2.31 billion, a PE ratio of -26.52 and a beta of 1.22.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released 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 quarter in the prior year, the firm posted ($0.65) earnings per share. Equities research analysts expect that Longboard Pharmaceuticals, Inc. will post -2.19 EPS for the current year.

Insider Transactions at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,667 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $59.03, for a total value of $983,853.01. Following the completion of the sale, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $1,057,817.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 50,000 shares of company stock worth $2,090,010. 4.64% of the stock is currently owned by insiders.

Institutional Trading of Longboard Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. grew its holdings 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 worth $54,000 after purchasing an additional 1,200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Longboard Pharmaceuticals in the 2nd quarter worth about $127,000. SG Americas Securities LLC purchased a new position in shares of Longboard Pharmaceuticals during the first quarter worth approximately $132,000. Denali Advisors LLC bought a new stake in shares of Longboard Pharmaceuticals during the first quarter valued at approximately $201,000. Finally, Arizona State Retirement System bought a new position in Longboard Pharmaceuticals in the second quarter worth approximately $216,000. 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.