Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Down 6.2% – Here’s What Happened

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s share price dropped 6.2% on Monday . The stock traded as low as $33.61 and last traded at $33.98. Approximately 492,529 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 862,607 shares. The stock had previously closed at $36.22.

Analyst Ratings Changes

LBPH has been the topic of several research analyst reports. Citigroup upped their price target on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Wedbush upped their price target on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, September 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Longboard Pharmaceuticals in a report on Monday, September 16th. Robert W. Baird increased their target price on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, July 11th. Finally, Truist Financial assumed coverage on Longboard Pharmaceuticals in a research note on Tuesday, September 10th. They issued a “buy” rating and a $60.00 target price on the stock. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $60.11.

Longboard Pharmaceuticals Stock Down 0.8 %

The company’s fifty day simple moving average is $34.25 and its 200 day simple moving average is $27.24. The firm has a market capitalization of $1.30 billion, a PE ratio of -14.64 and a beta of 1.22.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same period last year, the firm posted ($0.65) EPS. Equities research analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.19 EPS for the current year.

Insider Buying and Selling at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $31.64, for a total transaction of $527,312.24. Following the completion of the transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at approximately $566,988.80. 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 accessible through this link. Insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. boosted its stake 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 acquiring an additional 1,200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Longboard Pharmaceuticals during the 2nd quarter worth $127,000. SG Americas Securities LLC purchased a new position in shares of Longboard Pharmaceuticals during the 1st quarter worth $132,000. Denali Advisors LLC purchased a new position in shares of Longboard Pharmaceuticals during the 1st quarter worth $201,000. Finally, Arizona State Retirement System purchased a new position in shares of Longboard Pharmaceuticals during the 2nd quarter worth $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.