Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Down 6%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s share price traded down 6% on Monday . The company traded as low as $24.76 and last traded at $25.41. 105,156 shares were traded during trading, a decline of 89% from the average session volume of 947,292 shares. The stock had previously closed at $27.03.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. B. Riley increased their price objective 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. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Thursday, June 20th. HC Wainwright restated a “buy” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Tuesday, June 11th. Robert W. Baird assumed coverage on shares of Longboard Pharmaceuticals in a research report on Wednesday, May 1st. They set an “outperform” rating and a $36.00 price objective on the stock. Finally, Evercore ISI increased their price objective on shares of Longboard Pharmaceuticals from $44.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, June 20th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $44.38.

Longboard Pharmaceuticals Stock Performance

The business’s 50 day moving average is $20.02 and its two-hundred day moving average is $19.38.

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, research analysts expect that Longboard Pharmaceuticals, Inc. will post -1.82 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. increased its holdings in Longboard Pharmaceuticals by 93.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock valued at $54,000 after acquiring an additional 1,200 shares during the last quarter. American International Group Inc. increased its holdings in Longboard Pharmaceuticals by 58.6% in the 1st quarter. American International Group Inc. now owns 12,283 shares of the company’s stock valued at $265,000 after acquiring an additional 4,540 shares during the last quarter. SG Americas Securities LLC bought a new stake in Longboard Pharmaceuticals in the 1st quarter valued at $132,000. Denali Advisors LLC bought a new stake in Longboard Pharmaceuticals in the 1st quarter valued at $201,000. Finally, Quantbot Technologies LP bought a new stake in Longboard Pharmaceuticals in the 1st quarter valued at $310,000. Hedge funds and other institutional investors 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.