Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives Consensus Rating of “Hold” from Brokerages

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) have been given a consensus recommendation of “Hold” by the nine brokerages that are currently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $59.56.

A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald reissued a “neutral” rating on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. B. Riley reissued a “neutral” rating and set a $60.00 price target (up previously from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Citigroup upped their price target on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Wedbush cut Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Finally, HC Wainwright reissued a “neutral” rating and issued a $60.00 target price (down from $80.00) on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th.

Insider Activity at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the stock in a transaction dated 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 $566,988.80. This represents a 48.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.64% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. KBC Group NV purchased a new position in Longboard Pharmaceuticals during the 3rd quarter valued at approximately $65,000. 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 valued at $54,000 after purchasing an additional 1,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Longboard Pharmaceuticals in the second quarter worth $127,000. SG Americas Securities LLC bought a new stake in Longboard Pharmaceuticals in the first quarter worth $132,000. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in Longboard Pharmaceuticals during the third quarter valued at $221,000. 63.28% of the stock is currently owned by hedge funds and other institutional investors.

Longboard Pharmaceuticals Stock Performance

LBPH stock opened at $59.78 on Friday. The business’s 50-day moving average is $48.60 and its two-hundred day moving average is $35.51. The company has a market cap of $2.33 billion, a price-to-earnings ratio of -26.81 and a beta of 1.07. Longboard Pharmaceuticals has a fifty-two week low of $3.60 and a fifty-two week high of $59.95.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.04). Equities analysts predict that Longboard Pharmaceuticals will post -2.22 earnings per share for the current year.

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.