Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Up 5.1% on Analyst Upgrade

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s stock price was up 5.1% during trading on Thursday after Evercore ISI raised their price target on the stock from $44.00 to $57.00. Evercore ISI currently has an outperform rating on the stock. Longboard Pharmaceuticals traded as high as $20.16 and last traded at $19.97. Approximately 74,835 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 949,487 shares. The stock had previously closed at $19.00.

Other analysts have also recently issued research reports about the company. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Thursday. Robert W. Baird initiated coverage on shares of Longboard Pharmaceuticals in a report on Wednesday, May 1st. They issued an “outperform” rating and a $36.00 target price for the company. Wedbush lifted their price target on shares of Longboard Pharmaceuticals from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. B. Riley upped their price target on shares of Longboard Pharmaceuticals from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Finally, HC Wainwright restated a “buy” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Tuesday, June 11th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $44.38.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. RA Capital Management L.P. bought a new position in Longboard Pharmaceuticals during the first quarter valued at approximately $71,045,000. Farallon Capital Management LLC grew its holdings in Longboard Pharmaceuticals by 88.4% during the 1st quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock valued at $63,515,000 after purchasing an additional 1,380,000 shares during the last quarter. Polar Capital Holdings Plc bought a new position in shares of Longboard Pharmaceuticals during the third quarter valued at approximately $5,560,000. Vanguard Group Inc. increased its stake in Longboard Pharmaceuticals by 119.3% in the first quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock worth $37,248,000 after purchasing an additional 937,998 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in Longboard Pharmaceuticals by 36.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock worth $47,910,000 after buying an additional 591,013 shares during the period. 63.28% of the stock is owned by hedge funds and other institutional investors.

Longboard Pharmaceuticals Price Performance

The stock’s 50-day moving average price is $19.55 and its 200 day moving average price is $18.43. The firm has a market capitalization of $783.04 million, a PE ratio of -8.98 and a beta of 1.15.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.06. Equities research analysts forecast that Longboard Pharmaceuticals, Inc. will post -1.82 earnings per share 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.