Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Short Interest Down 15.3% in September

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totalling 4,030,000 shares, a decrease of 15.3% from the August 31st total of 4,760,000 shares. Currently, 12.0% of the company’s stock are short sold. Based on an average daily volume of 703,000 shares, the days-to-cover ratio is presently 5.7 days.

Insider Buying and Selling

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of Longboard Pharmaceuticals stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $31.64, for a total value of $527,312.24. Following the transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $566,988.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 4.64% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. raised its stake in 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 acquiring an additional 1,200 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Longboard Pharmaceuticals in the second quarter valued at about $127,000. SG Americas Securities LLC acquired a new stake in shares of Longboard Pharmaceuticals during the 1st quarter worth about $132,000. Denali Advisors LLC bought a new stake in shares of Longboard Pharmaceuticals during the 1st quarter worth about $201,000. Finally, Arizona State Retirement System acquired a new position in Longboard Pharmaceuticals in the 2nd quarter valued at about $216,000. 63.28% of the stock is currently owned by institutional investors.

Longboard Pharmaceuticals Price Performance

Shares of LBPH stock opened at $32.00 on Friday. The company has a fifty day moving average price of $34.27 and a two-hundred day moving average price of $26.45. Longboard Pharmaceuticals has a one year low of $3.60 and a one year high of $40.48. The stock has a market cap of $1.24 billion, a P/E ratio of -14.29 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted 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 posted ($0.65) earnings per share. As a group, equities research analysts anticipate that Longboard Pharmaceuticals will post -2.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on LBPH shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price objective on shares of Longboard Pharmaceuticals in a research report on Monday, September 16th. Robert W. Baird raised their price target on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, July 11th. Truist Financial assumed coverage on shares of Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They issued a “buy” rating and a $60.00 price objective on the stock. HC Wainwright lifted their price target on shares of Longboard Pharmaceuticals from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Evercore ISI restated an “outperform” rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $60.11.

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.