Longboard Pharmaceuticals (NASDAQ:LBPH) Rating Lowered to Hold at Wedbush

Wedbush cut shares of Longboard Pharmaceuticals (NASDAQ:LBPH) from a strong-buy rating to a hold rating in a report released on Monday, Zacks.com reports.

LBPH has been the subject of several other research reports. Robert W. Baird raised their price objective on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, July 11th. HC Wainwright reissued a “neutral” rating and issued a $60.00 price target (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research report on Tuesday. B. Riley reaffirmed a “neutral” rating and set a $60.00 price objective (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday. Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a report on Monday. Finally, Evercore ISI restated an “outperform” rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $59.56.

Longboard Pharmaceuticals Stock Down 0.4 %

NASDAQ:LBPH opened at $59.17 on Monday. Longboard Pharmaceuticals has a 52 week low of $3.60 and a 52 week high of $59.47. The stock’s fifty day moving average is $36.31 and its two-hundred day moving average is $28.53. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of -26.42 and a beta of 1.22.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its earnings results 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, sell-side analysts expect that Longboard Pharmaceuticals will post -2.19 EPS for the current fiscal year.

Insiders Place Their Bets

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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 50,000 shares of company stock valued at $2,090,010 in the last ninety days. Insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several large investors have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new stake in Longboard Pharmaceuticals in the third quarter valued at approximately $350,000. Driehaus Capital Management LLC raised its position in Longboard Pharmaceuticals by 25.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 488,793 shares of the company’s stock valued at $13,212,000 after purchasing an additional 100,321 shares during the last quarter. Lynx1 Capital Management LP acquired a new stake in Longboard Pharmaceuticals during the 2nd quarter worth $4,523,000. The Manufacturers Life Insurance Company boosted its stake in Longboard Pharmaceuticals by 40.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 117,739 shares of the company’s stock worth $3,182,000 after purchasing an additional 33,755 shares during the period. Finally, Squarepoint Ops LLC grew its position in Longboard Pharmaceuticals by 30.4% during the 2nd quarter. Squarepoint Ops LLC now owns 13,972 shares of the company’s stock worth $378,000 after purchasing an additional 3,260 shares during the last quarter. Institutional investors and hedge funds 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.