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

Longboard Pharmaceuticals (NASDAQ:LBPH) had its price objective increased 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.

Several other research analysts also recently weighed in on LBPH. Evercore ISI restated an outperform rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Cantor Fitzgerald restated an overweight rating and set a $90.00 price objective on shares of Longboard Pharmaceuticals in a report on Monday. Truist Financial initiated coverage on shares of Longboard Pharmaceuticals in a report on Tuesday, September 10th. They set a buy rating and a $60.00 price objective on the stock. HC Wainwright restated a buy rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Thursday, August 22nd. Finally, B. Riley upped their price objective on shares of Longboard Pharmaceuticals from $36.00 to $45.00 and gave the stock a buy rating in a report on Monday, August 5th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $57.89.

Longboard Pharmaceuticals Stock Down 10.3 %

Shares of NASDAQ LBPH opened at $27.58 on Tuesday. The firm has a market cap of $1.07 billion, a PE ratio of -12.31 and a beta of 1.24. Longboard Pharmaceuticals has a 12-month low of $3.60 and a 12-month high of $40.48. The company’s fifty day simple moving average is $35.11 and its 200 day simple moving average is $25.82.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its 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 earned ($0.65) EPS. On average, equities analysts predict that Longboard Pharmaceuticals will post -2.13 earnings per share for the current year.

Insider Activity

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

Institutional Trading of Longboard Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. increased its holdings in Longboard Pharmaceuticals by 93.3% during the first 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 last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Longboard Pharmaceuticals during the second quarter worth about $127,000. SG Americas Securities LLC purchased a new stake in Longboard Pharmaceuticals during the first quarter worth about $132,000. Arizona State Retirement System purchased a new stake in Longboard Pharmaceuticals during the second quarter worth about $216,000. Finally, Denali Advisors LLC purchased a new stake in Longboard Pharmaceuticals during the first quarter worth about $201,000. Hedge funds and other institutional investors own 63.28% of the company’s stock.

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.