Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Up 4.3%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was up 4.3% on Monday . The company traded as high as $37.00 and last traded at $36.28. Approximately 254,019 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 879,653 shares. The stock had previously closed at $34.79.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on LBPH shares. B. Riley raised their target price on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Robert W. Baird raised their price objective on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, July 11th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 target price on shares of Longboard Pharmaceuticals in a report on Friday, August 2nd. Evercore ISI reissued an “outperform” rating and set a $80.00 target price on shares of Longboard Pharmaceuticals in a research report on Monday. Finally, HC Wainwright restated a “buy” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Thursday. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $57.13.

Longboard Pharmaceuticals Price Performance

The stock has a fifty day simple moving average of $32.16 and a two-hundred day simple moving average of $24.27. The firm has a market capitalization of $1.45 billion, a P/E ratio of -16.31 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same period in the prior year, the business earned ($0.65) earnings per share. As a group, sell-side analysts expect that Longboard Pharmaceuticals, Inc. will post -1.82 EPS for the current fiscal year.

Insider Transactions at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock in a transaction on Monday, August 12th. The stock was sold at an average price of $34.73, for a total transaction of $578,844.91. Following the sale, the chief marketing officer now directly owns 17,920 shares in the company, valued at $622,361.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc lifted its stake in Longboard Pharmaceuticals by 46.8% in the fourth quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock valued at $1,279,000 after purchasing an additional 67,607 shares during the last quarter. Platinum Investment Management Ltd. bought a new stake in shares of Longboard Pharmaceuticals in the fourth quarter valued at $766,000. Parkman Healthcare Partners LLC lifted its position in shares of Longboard Pharmaceuticals by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock valued at $2,592,000 after buying an additional 73,935 shares during the last quarter. Denali Advisors LLC bought a new position in shares of Longboard Pharmaceuticals during the 1st quarter worth $201,000. Finally, Jennison Associates LLC grew 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 acquiring an additional 461,576 shares during the period. 63.28% of the stock is currently owned by hedge funds and other institutional investors.

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.