Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives Average Recommendation of “Hold” from Brokerages

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) has earned a consensus recommendation of “Hold” from the nine analysts that are covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $59.56.

A number of analysts have weighed in on LBPH shares. Evercore ISI reaffirmed an “outperform” rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Truist Financial reaffirmed a “hold” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Cantor Fitzgerald reissued a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. B. Riley restated a “neutral” rating and set a $60.00 price objective (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Finally, Wedbush downgraded shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th.

Insider Activity

In related news, CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $59.03, for a total transaction of $983,853.01. Following the completion of the transaction, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $1,057,817.60. The trade was a 48.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Emerald Advisers LLC boosted its position in shares of Longboard Pharmaceuticals by 199.2% in the 3rd quarter. Emerald Advisers LLC now owns 683,642 shares of the company’s stock worth $22,786,000 after buying an additional 455,119 shares in the last quarter. Braun Stacey Associates Inc. acquired a new position in Longboard Pharmaceuticals during the third quarter worth about $9,971,000. Emerald Mutual Fund Advisers Trust lifted its holdings in shares of Longboard Pharmaceuticals by 128.5% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 419,462 shares of the company’s stock valued at $13,981,000 after purchasing an additional 235,885 shares in the last quarter. Candriam S.C.A. acquired a new stake in shares of Longboard Pharmaceuticals in the second quarter valued at approximately $6,106,000. Finally, American Century Companies Inc. increased its stake in shares of Longboard Pharmaceuticals by 70.2% during the 2nd quarter. American Century Companies Inc. now owns 476,390 shares of the company’s stock worth $12,877,000 after purchasing an additional 196,464 shares in the last quarter. Hedge funds and other institutional investors own 63.28% of the company’s stock.

Longboard Pharmaceuticals Price Performance

LBPH stock opened at $59.98 on Tuesday. The company has a market cap of $2.34 billion, a price-to-earnings ratio of -26.90 and a beta of 1.00. The company has a fifty day moving average price of $57.75 and a 200 day moving average price of $40.50. Longboard Pharmaceuticals has a 12 month low of $3.60 and a 12 month high of $60.03.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its earnings results on Thursday, November 7th. The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.04). As a group, analysts anticipate that Longboard Pharmaceuticals will post -2.22 earnings per share for the current year.

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.