Evercore ISI Raises Longboard Pharmaceuticals (NASDAQ:LBPH) Price Target to $80.00

Longboard Pharmaceuticals (NASDAQ:LBPH) had its price target upped by Evercore ISI from $57.00 to $80.00 in a report released on Tuesday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities analysts have also recently issued research reports about the company. Cantor Fitzgerald lifted their price target on Longboard Pharmaceuticals from $60.00 to $90.00 and gave the stock an overweight rating in a report on Monday, July 1st. HC Wainwright reiterated a buy rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Tuesday, June 11th. Wedbush lifted their price target on Longboard Pharmaceuticals from $32.00 to $34.00 and gave the stock an outperform rating in a report on Friday, May 3rd. Robert W. Baird started coverage on Longboard Pharmaceuticals in a report on Wednesday, May 1st. They set an outperform rating and a $36.00 price target for the company. Finally, B. Riley lifted their price target on Longboard Pharmaceuticals from $30.00 to $36.00 and gave the stock a buy rating in a report on Tuesday, June 11th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $51.63.

Longboard Pharmaceuticals Price Performance

Longboard Pharmaceuticals stock opened at $34.87 on Tuesday. The firm has a 50-day moving average of $21.27 and a 200-day moving average of $20.12. Longboard Pharmaceuticals has a one year low of $3.60 and a one year high of $35.59. The company has a market cap of $1.36 billion, a price-to-earnings ratio of -15.57 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.06. As a group, sell-side analysts expect that Longboard Pharmaceuticals will post -1.82 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. increased its holdings in shares of Longboard Pharmaceuticals by 93.3% during the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock worth $54,000 after buying an additional 1,200 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Longboard Pharmaceuticals during the first quarter worth $132,000. Denali Advisors LLC acquired a new position in shares of Longboard Pharmaceuticals during the first quarter worth $201,000. American International Group Inc. increased its holdings in shares of Longboard Pharmaceuticals by 58.6% during the first 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 in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Longboard Pharmaceuticals during the first quarter worth $310,000. 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.