Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Down 6%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) traded down 6% on Monday . The company traded as low as $24.76 and last traded at $25.41. 105,156 shares changed hands during trading, a decline of 89% from the average session volume of 947,292 shares. The stock had previously closed at $27.03.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Citigroup raised their price objective on Longboard Pharmaceuticals from $40.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday. B. Riley raised their price objective on Longboard Pharmaceuticals from $30.00 to $36.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Wedbush raised their price objective on Longboard Pharmaceuticals from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Robert W. Baird assumed coverage on Longboard Pharmaceuticals in a research note on Wednesday, May 1st. They issued an “outperform” rating and a $36.00 price target on the stock. Finally, Evercore ISI lifted their price target on Longboard Pharmaceuticals from $57.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $51.63.

Longboard Pharmaceuticals Stock Performance

The stock has a market capitalization of $1.20 billion, a P/E ratio of -13.72 and a beta of 1.24. The stock has a 50-day moving average price of $20.47 and a two-hundred day moving average price of $19.74.

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

Institutional Investors Weigh In On Longboard Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. Farallon Capital Management LLC boosted its position 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. RA Capital Management L.P. bought a new stake in shares of Longboard Pharmaceuticals during the first quarter valued at approximately $71,045,000. California State Teachers Retirement System boosted its position in shares of Longboard Pharmaceuticals by 748.2% during the first quarter. California State Teachers Retirement System now owns 21,747 shares of the company’s stock valued at $470,000 after purchasing an additional 19,183 shares in the last quarter. AWM Investment Company Inc. bought a new stake in shares of Longboard Pharmaceuticals during the first quarter valued at approximately $4,569,000. Finally, Price T Rowe Associates Inc. MD boosted its position 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. 63.28% of the stock is currently owned by institutional investors.

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.