Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Up 3.5%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s stock price traded up 3.5% during mid-day trading on Wednesday . The company traded as high as $33.94 and last traded at $33.80. 28,922 shares were traded during mid-day trading, a decline of 97% from the average session volume of 857,063 shares. The stock had previously closed at $32.66.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Truist Financial assumed coverage on Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They issued a “buy” rating and a $60.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price target on shares of Longboard Pharmaceuticals in a research note on Monday, September 16th. Citigroup lifted their price objective on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. HC Wainwright lifted their price objective on Longboard Pharmaceuticals from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, Robert W. Baird boosted their price target on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, July 11th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $60.11.

Longboard Pharmaceuticals Trading Down 1.8 %

The business has a fifty day simple moving average of $34.55 and a two-hundred day simple moving average of $26.24. The stock has a market cap of $1.25 billion, a PE ratio of -14.58 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same period in the previous year, the company earned ($0.65) earnings per share. On average, research analysts predict that Longboard Pharmaceuticals, Inc. will post -2.19 earnings per share for the current year.

Insider Transactions at Longboard Pharmaceuticals

In other news, CMO Randall Kaye sold 16,666 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $31.64, for a total value of $527,312.24. Following the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $566,988.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 added to or reduced their stakes in LBPH. Ameritas Investment Partners Inc. lifted its position 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Longboard Pharmaceuticals in the 2nd quarter valued at approximately $127,000. SG Americas Securities LLC purchased a new stake in Longboard Pharmaceuticals during the 1st quarter valued at $132,000. Denali Advisors LLC purchased a new stake in Longboard Pharmaceuticals during the 1st quarter valued at $201,000. Finally, Arizona State Retirement System purchased a new stake in Longboard Pharmaceuticals during the 2nd quarter valued at $216,000. 63.28% of the stock is owned by institutional investors.

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.