Longboard Pharmaceuticals (NASDAQ:LBPH) Sets New 12-Month High on Analyst Upgrade

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares reached a new 52-week high during trading on Tuesday after Cantor Fitzgerald raised their price target on the stock from $60.00 to $90.00. Cantor Fitzgerald currently has an overweight rating on the stock. Longboard Pharmaceuticals traded as high as $33.07 and last traded at $33.00, with a volume of 161801 shares trading hands. The stock had previously closed at $30.92.

A number of other research analysts have also recently issued reports on the company. B. Riley raised their price objective on Longboard Pharmaceuticals from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Evercore ISI boosted their price objective on Longboard Pharmaceuticals from $44.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, June 20th. Wedbush raised their target price on shares of Longboard Pharmaceuticals from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. HC Wainwright reiterated a “buy” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Tuesday, June 11th. Finally, Robert W. Baird assumed coverage on shares of Longboard Pharmaceuticals in a report on Wednesday, May 1st. They issued an “outperform” rating and a $36.00 price target on the stock. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $48.13.

Hedge Funds Weigh In On Longboard Pharmaceuticals

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

Longboard Pharmaceuticals Price Performance

The stock’s 50 day simple moving average is $20.27 and its two-hundred day simple moving average is $19.56. The firm has a market cap of $1.28 billion, a P/E ratio of -14.91 and a beta of 1.24.

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