Wedbush Raises Longboard Pharmaceuticals (NASDAQ:LBPH) Price Target to $44.00

Longboard Pharmaceuticals (NASDAQ:LBPH) had its price objective raised by Wedbush from $40.00 to $44.00 in a research report report published on Tuesday, Benzinga reports. The brokerage currently has an outperform rating on the stock. Wedbush also issued estimates for Longboard Pharmaceuticals’ FY2027 earnings at ($3.15) EPS and FY2028 earnings at ($0.68) EPS.

Several other analysts also recently issued reports on the company. Citigroup lifted their target price on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a buy rating in a research note on Friday, August 2nd. Truist Financial began coverage on Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They set a buy rating and a $60.00 price objective for the company. Robert W. Baird lifted 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. Cantor Fitzgerald reissued an overweight rating and set a $90.00 price target on shares of Longboard Pharmaceuticals in a research note on Monday, September 16th. Finally, Evercore ISI reaffirmed an outperform rating and issued a $80.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of Buy and a consensus price target of $60.11.

Longboard Pharmaceuticals Price Performance

Shares of LBPH stock opened at $33.89 on Tuesday. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -15.13 and a beta of 1.24. Longboard Pharmaceuticals has a 1 year low of $3.60 and a 1 year high of $40.48. The firm has a fifty day moving average price of $34.80 and a 200-day moving average price of $25.98.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same quarter last year, the company earned ($0.65) earnings per share. Equities research analysts expect that Longboard Pharmaceuticals will post -2.13 EPS for the current year.

Insider Activity

In related news, CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $34.73, for a total transaction of $578,844.91. Following the completion of the transaction, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $622,361.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 33,433 shares of company stock valued at $1,108,244 in the last ninety days. Insiders own 4.64% of the company’s stock.

Institutional Trading of Longboard Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in LBPH. CIBC Asset Management Inc increased its position in shares of Longboard Pharmaceuticals by 46.8% during the fourth quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock worth $1,279,000 after acquiring an additional 67,607 shares during the period. Platinum Investment Management Ltd. bought a new position in shares of Longboard Pharmaceuticals in the 4th quarter worth $766,000. Parkman Healthcare Partners LLC lifted its stake 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 worth $2,592,000 after purchasing an additional 73,935 shares during the last quarter. Denali Advisors LLC bought a new stake in Longboard Pharmaceuticals during the first quarter valued at about $201,000. Finally, Jennison Associates LLC grew its stake in Longboard Pharmaceuticals by 96.0% in the first quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock valued at $20,356,000 after purchasing an additional 461,576 shares during the last quarter. 63.28% of the stock is currently owned by institutional investors.

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.