Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Up 8.4% on Analyst Upgrade

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was up 8.4% during trading on Thursday after HC Wainwright raised their price target on the stock from $60.00 to $80.00. HC Wainwright currently has a buy rating on the stock. Longboard Pharmaceuticals traded as high as $31.84 and last traded at $31.77. Approximately 246,652 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 855,635 shares. The stock had previously closed at $29.31.

Several other research analysts have also recently weighed in on LBPH. Truist Financial started coverage on Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They set a “buy” rating and a $60.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price target on shares of Longboard Pharmaceuticals in a research report on Monday. Citigroup increased their price target on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Wedbush increased their price target on Longboard Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Robert W. Baird upped their price objective on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, July 11th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $60.11.

Insider Transactions at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,666 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $31.64, for a total transaction of $527,312.24. Following the sale, the chief marketing officer now owns 17,920 shares in the company, valued at approximately $566,988.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 33,433 shares of company stock valued at $1,108,244. Corporate insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

A number of institutional investors have recently made changes to their positions in LBPH. Driehaus Capital Management LLC raised its stake in Longboard Pharmaceuticals by 25.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 488,793 shares of the company’s stock worth $13,212,000 after buying an additional 100,321 shares during the period. Lynx1 Capital Management LP acquired a new position in Longboard Pharmaceuticals during the 2nd quarter worth approximately $4,523,000. The Manufacturers Life Insurance Company raised its stake in Longboard Pharmaceuticals by 40.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 117,739 shares of the company’s stock worth $3,182,000 after buying an additional 33,755 shares during the period. Squarepoint Ops LLC raised its stake in Longboard Pharmaceuticals by 30.4% during the 2nd quarter. Squarepoint Ops LLC now owns 13,972 shares of the company’s stock worth $378,000 after buying an additional 3,260 shares during the period. Finally, Integral Health Asset Management LLC raised its stake in Longboard Pharmaceuticals by 12.8% during the 2nd quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company’s stock worth $29,733,000 after buying an additional 125,000 shares during the period. Institutional investors own 63.28% of the company’s stock.

Longboard Pharmaceuticals Stock Performance

The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -14.07 and a beta of 1.24. The business has a 50 day moving average of $34.96 and a two-hundred day moving average of $25.84.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) earnings per share 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. On average, equities analysts predict that Longboard Pharmaceuticals, Inc. will post -2.13 EPS for the current fiscal year.

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.