Longboard Pharmaceuticals (NASDAQ:LBPH) Earns Buy Rating from Analysts at Truist Financial

Truist Financial started coverage on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $60.00 price target on the stock.

Several other research analysts also recently commented on the stock. Citigroup lifted their target price on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a buy rating in a research note on Friday, August 2nd. B. Riley lifted their price target on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company a buy rating in a research report on Monday, August 5th. Robert W. Baird boosted their target price on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an outperform rating in a report on Thursday, July 11th. HC Wainwright reiterated a buy rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Thursday, August 22nd. Finally, Evercore ISI reissued an outperform rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $57.44.

Longboard Pharmaceuticals Trading Down 1.0 %

Shares of NASDAQ:LBPH opened at $33.27 on Tuesday. The stock has a market capitalization of $1.29 billion, a P/E ratio of -14.85 and a beta of 1.24. The stock’s 50-day moving average price is $35.27 and its 200-day moving average price is $25.61. Longboard Pharmaceuticals has a 12-month low of $3.60 and a 12-month high of $40.48.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted 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 period last year, the company posted ($0.65) earnings per share. As a group, research analysts predict that Longboard Pharmaceuticals will post -2.12 EPS for the current year.

Insider Transactions at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,667 shares of the 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 of the company’s stock, valued at $622,361.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of LBPH. CIBC Asset Management Inc boosted its holdings in shares of Longboard Pharmaceuticals by 46.8% in the fourth quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock worth $1,279,000 after buying an additional 67,607 shares during the last quarter. Platinum Investment Management Ltd. bought a new stake in shares of Longboard Pharmaceuticals during the 4th quarter valued at $766,000. Parkman Healthcare Partners LLC increased its stake in shares of Longboard Pharmaceuticals by 20.8% in 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 in the last quarter. Denali Advisors LLC bought a new position in Longboard Pharmaceuticals in the 1st quarter worth $201,000. Finally, Jennison Associates LLC lifted its position in Longboard Pharmaceuticals by 96.0% during 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 in the last quarter. 63.28% of the stock is owned by 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.