Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Short Interest Down 15.3% in September

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 4,030,000 shares, a decline of 15.3% from the August 31st total of 4,760,000 shares. Based on an average daily volume of 703,000 shares, the short-interest ratio is presently 5.7 days. Approximately 12.0% of the company’s stock are short sold.

Longboard Pharmaceuticals Stock Up 2.6 %

Shares of NASDAQ:LBPH traded up $0.80 during trading on Friday, hitting $32.00. 279,054 shares of the company traded hands, compared to its average volume of 854,101. The business’s fifty day moving average is $34.27 and its 200-day moving average is $26.40. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -14.29 and a beta of 1.24. Longboard Pharmaceuticals has a one year low of $3.60 and a one year high of $40.48.

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

Insider Transactions at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,667 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $34.73, for a total transaction of $578,844.91. Following the completion of the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $622,361.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 4.64% of the company’s stock.

Institutional Trading of Longboard Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in LBPH. Driehaus Capital Management LLC increased its holdings in shares of Longboard Pharmaceuticals by 25.8% during the second quarter. Driehaus Capital Management LLC now owns 488,793 shares of the company’s stock valued at $13,212,000 after purchasing an additional 100,321 shares during the period. Lynx1 Capital Management LP acquired a new position in Longboard Pharmaceuticals during the 2nd quarter valued at about $4,523,000. The Manufacturers Life Insurance Company raised its position in shares of 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 in the last quarter. Squarepoint Ops LLC lifted its stake in shares of Longboard Pharmaceuticals by 30.4% in the 2nd quarter. Squarepoint Ops LLC now owns 13,972 shares of the company’s stock worth $378,000 after acquiring an additional 3,260 shares during the period. Finally, Integral Health Asset Management LLC boosted its holdings in shares of Longboard Pharmaceuticals by 12.8% in the second quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company’s stock valued at $29,733,000 after acquiring an additional 125,000 shares in the last quarter. Institutional investors own 63.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 target price on shares of Longboard Pharmaceuticals in a research report on Monday, September 16th. Robert W. Baird increased their price objective on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, July 11th. Truist Financial began coverage on shares of Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They issued a “buy” rating and a $60.00 target price for the company. Wedbush lifted their price target on Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 17th. Finally, HC Wainwright boosted their price objective on Longboard Pharmaceuticals from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $60.11.

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.