Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Up 3.5%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares rose 3.5% during trading on Wednesday . The stock traded as high as $33.94 and last traded at $33.80. Approximately 28,922 shares changed hands during trading, a decline of 97% from the average daily volume of 857,063 shares. The stock had previously closed at $32.66.

Analysts Set New Price Targets

Several analysts have issued reports on LBPH shares. Truist Financial started coverage on shares of Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They set a “buy” rating and a $60.00 price target on the stock. Evercore ISI reaffirmed an “outperform” rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Citigroup upped their price target on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 price objective on shares of Longboard Pharmaceuticals in a research report on Monday, September 16th. Finally, HC Wainwright increased their price objective on shares of Longboard Pharmaceuticals from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Longboard Pharmaceuticals presently has an average rating of “Buy” and an average price target of $60.11.

Longboard Pharmaceuticals Price Performance

The firm has a market capitalization of $1.21 billion, a P/E ratio of -13.93 and a beta of 1.24. The business’s 50-day moving average is $34.35 and its 200 day moving average is $26.31.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same period last year, the company earned ($0.65) EPS. Analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.19 EPS for the current fiscal year.

Insiders Place Their Bets

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 sale, the chief marketing officer now directly owns 17,920 shares in the company, valued at $566,988.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. boosted its stake in shares of Longboard Pharmaceuticals by 93.3% in the 1st 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. Squarepoint Ops LLC boosted its position in Longboard Pharmaceuticals by 30.4% during the 2nd quarter. Squarepoint Ops LLC now owns 13,972 shares of the company’s stock worth $378,000 after buying an additional 3,260 shares during the period. American International Group Inc. boosted its position in Longboard Pharmaceuticals by 58.6% during the 1st quarter. American International Group Inc. now owns 12,283 shares of the company’s stock worth $265,000 after buying an additional 4,540 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Longboard Pharmaceuticals during the 2nd quarter worth approximately $127,000. Finally, SG Americas Securities LLC acquired a new stake in Longboard Pharmaceuticals during the 1st quarter worth approximately $132,000. 63.28% of the stock is currently owned by institutional investors and hedge funds.

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.