Analysts Set Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Price Target at $59.56

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) has been assigned a consensus rating of “Hold” from the nine brokerages that are presently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $59.56.

A number of equities analysts recently commented on the company. Evercore ISI reaffirmed an “outperform” rating and issued a $80.00 target price on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Robert W. Baird raised their target price on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, July 11th. Citigroup raised their target price on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Truist Financial reiterated a “hold” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th.

Longboard Pharmaceuticals Price Performance

NASDAQ LBPH opened at $59.70 on Monday. The business’s fifty day moving average price is $40.69 and its 200-day moving average price is $31.14. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of -27.77 and a beta of 1.22. Longboard Pharmaceuticals has a 1-year low of $3.60 and a 1-year high of $59.79.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its 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 in the prior year, the company earned ($0.65) earnings per share. Equities research analysts anticipate that Longboard Pharmaceuticals will post -2.19 EPS for the current year.

Insider Activity

In other news, CMO Randall Kaye sold 16,666 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $31.64, for a total transaction of $527,312.24. Following the completion of the transaction, the chief marketing officer now owns 17,920 shares in the company, valued at $566,988.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 50,000 shares of company stock worth $2,090,010 over the last 90 days. Corporate insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. RA Capital Management L.P. bought a new stake in Longboard Pharmaceuticals in the first quarter worth about $71,045,000. Farallon Capital Management LLC lifted its stake in Longboard Pharmaceuticals by 88.4% in the first quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock worth $63,515,000 after purchasing an additional 1,380,000 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Longboard Pharmaceuticals by 36.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock worth $47,910,000 after purchasing an additional 591,013 shares during the last quarter. Vanguard Group Inc. lifted its stake in Longboard Pharmaceuticals by 119.3% in the first quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock worth $37,248,000 after purchasing an additional 937,998 shares during the last quarter. Finally, Integral Health Asset Management LLC lifted its stake in Longboard Pharmaceuticals by 12.8% in the second quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company’s stock worth $29,733,000 after purchasing an additional 125,000 shares during the last quarter. 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.