Longboard Pharmaceuticals (NASDAQ:LBPH) Price Target Cut to $40.00 by Analysts at Wedbush

Longboard Pharmaceuticals (NASDAQ:LBPH) had its price target lowered by Wedbush from $42.00 to $40.00 in a research report released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the stock. B. Riley raised their target price on shares of Longboard Pharmaceuticals from $30.00 to $36.00 and gave the company a buy rating in a research report on Tuesday, June 11th. HC Wainwright reaffirmed a buy rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Thursday. Robert W. Baird increased their price target on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an outperform rating in a research note on Thursday, July 11th. Citigroup increased their price target on shares of Longboard Pharmaceuticals from $40.00 to $45.00 and gave the company a buy rating in a research note on Tuesday, July 2nd. Finally, Cantor Fitzgerald increased their price target on shares of Longboard Pharmaceuticals from $60.00 to $90.00 and gave the company an overweight rating in a research note on Monday, July 1st. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Longboard Pharmaceuticals currently has a consensus rating of Buy and an average target price of $56.00.

Longboard Pharmaceuticals Stock Down 0.2 %

Shares of LBPH stock traded down $0.07 during trading hours on Friday, hitting $32.85. 831,842 shares of the company were exchanged, compared to its average volume of 717,293. The business has a 50 day moving average of $27.16 and a two-hundred day moving average of $22.98. Longboard Pharmaceuticals has a 52 week low of $3.60 and a 52 week high of $40.48.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its earnings results on Thursday, May 2nd. The company reported ($0.42) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.06. As a group, equities research analysts predict that Longboard Pharmaceuticals will post -1.82 earnings per share for the current fiscal year.

Institutional Trading of Longboard Pharmaceuticals

A number of hedge funds have recently modified their holdings of the stock. RA Capital Management L.P. acquired a new stake in shares of Longboard Pharmaceuticals during the 1st quarter worth about $71,045,000. Farallon Capital Management LLC lifted its stake in shares of Longboard Pharmaceuticals by 88.4% during the 1st quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock worth $63,515,000 after buying an additional 1,380,000 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Longboard Pharmaceuticals by 36.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock worth $47,910,000 after buying an additional 591,013 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Longboard Pharmaceuticals by 119.3% during the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock worth $37,248,000 after buying an additional 937,998 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Longboard Pharmaceuticals by 96.0% during the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock worth $20,356,000 after buying an additional 461,576 shares during the last quarter. Institutional investors and hedge funds own 63.28% of the company’s stock.

Longboard Pharmaceuticals Company Profile

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.