Longboard Pharmaceuticals (NASDAQ:LBPH) Sets New 12-Month High on Analyst Upgrade

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) reached a new 52-week high on Tuesday after Cantor Fitzgerald raised their price target on the stock from $60.00 to $90.00. Cantor Fitzgerald currently has an overweight rating on the stock. Longboard Pharmaceuticals traded as high as $33.07 and last traded at $33.00, with a volume of 161801 shares traded. The stock had previously closed at $30.92.

Several other research analysts have also recently commented on the company. B. Riley increased their price target on 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 price objective on shares of Longboard Pharmaceuticals in a research report on Tuesday, June 11th. Robert W. Baird assumed coverage on Longboard Pharmaceuticals in a research report on Wednesday, May 1st. They issued an “outperform” rating and a $36.00 price objective for the company. Wedbush raised their price objective on Longboard Pharmaceuticals from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Finally, Evercore ISI raised their price objective on 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 MarketBeat, Longboard Pharmaceuticals has an average rating of “Buy” and a consensus price target of $48.13.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Several hedge funds have recently modified their holdings of LBPH. Ameritas Investment Partners Inc. lifted its holdings in Longboard Pharmaceuticals by 93.3% during the 1st 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 during the period. SG Americas Securities LLC acquired a new position in Longboard Pharmaceuticals during the 1st quarter worth about $132,000. Denali Advisors LLC acquired a new position in Longboard Pharmaceuticals during the 1st quarter worth about $201,000. American International Group Inc. lifted its holdings in Longboard Pharmaceuticals by 58.6% during the 1st 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 during the period. Finally, Quantbot Technologies LP acquired a new position in Longboard Pharmaceuticals during the 1st quarter worth about $310,000. Institutional investors and hedge funds own 63.28% of the company’s stock.

Longboard Pharmaceuticals Stock Performance

The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -14.91 and a beta of 1.24. The company has a fifty day simple moving average of $20.27 and a 200 day simple moving average of $19.56.

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

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.