Longboard Pharmaceuticals (NASDAQ:LBPH) PT Raised to $45.00 at Citigroup

Longboard Pharmaceuticals (NASDAQ:LBPH) had its price objective lifted by Citigroup from $40.00 to $45.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 41.02% from the stock’s previous close.

LBPH has been the topic of a number of other research reports. B. Riley boosted their price target on Longboard Pharmaceuticals from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. HC Wainwright reiterated a “buy” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Tuesday, June 11th. Cantor Fitzgerald upped their target price on Longboard Pharmaceuticals from $60.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday. Evercore ISI upped their target price on Longboard Pharmaceuticals from $57.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Wedbush upped their target price on Longboard Pharmaceuticals from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Longboard Pharmaceuticals presently has an average rating of “Buy” and an average price target of $51.63.

Longboard Pharmaceuticals Stock Performance

Shares of LBPH stock opened at $31.91 on Tuesday. Longboard Pharmaceuticals has a fifty-two week low of $3.60 and a fifty-two week high of $33.74. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -14.25 and a beta of 1.24. The stock’s 50-day simple moving average is $20.72 and its 200-day simple moving average is $19.83.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings results 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. As a group, equities analysts forecast that Longboard Pharmaceuticals will post -1.82 earnings per share for the current year.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. CIBC Asset Management Inc boosted its position in Longboard Pharmaceuticals by 46.8% in the 4th quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock worth $1,279,000 after purchasing an additional 67,607 shares in the last quarter. Parkman Healthcare Partners LLC boosted its position in Longboard Pharmaceuticals by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock worth $2,592,000 after purchasing an additional 73,935 shares in the last quarter. Platinum Investment Management Ltd. purchased a new stake in Longboard Pharmaceuticals in the 4th quarter worth approximately $766,000. Jennison Associates LLC purchased a new stake in Longboard Pharmaceuticals in the 4th quarter worth approximately $2,899,000. Finally, Polar Capital Holdings Plc acquired a new position in shares of Longboard Pharmaceuticals during the 3rd quarter worth approximately $5,560,000. Hedge funds and other institutional investors own 63.28% of the company’s stock.

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.