Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Rating Reaffirmed by Cantor Fitzgerald

Longboard Pharmaceuticals (NASDAQ:LBPH)‘s stock had its “overweight” rating reiterated by Cantor Fitzgerald in a report issued on Monday, Benzinga reports. They presently have a $90.00 price target on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 226.32% from the stock’s current price.

LBPH has been the subject of a number of other research reports. Truist Financial initiated coverage on Longboard Pharmaceuticals in a report on Tuesday, September 10th. They set a “buy” rating and a $60.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a report on Thursday, August 22nd. Evercore ISI restated an “outperform” rating and issued a $80.00 price target on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Wedbush lowered their price objective on shares of Longboard Pharmaceuticals from $42.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Citigroup raised their target price on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Longboard Pharmaceuticals has an average rating of “Buy” and a consensus target price of $57.89.

Longboard Pharmaceuticals Trading Down 10.3 %

Shares of NASDAQ:LBPH opened at $27.58 on Monday. The firm has a 50 day moving average of $35.11 and a 200-day moving average of $25.82. Longboard Pharmaceuticals has a 12 month low of $3.60 and a 12 month high of $40.48. The stock has a market capitalization of $1.07 billion, a PE ratio of -12.31 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same quarter last year, the business posted ($0.65) EPS. On average, research analysts predict that Longboard Pharmaceuticals will post -2.13 EPS for the current fiscal year.

Insider Activity at Longboard Pharmaceuticals

In other news, CMO Randall Kaye sold 16,666 shares of Longboard Pharmaceuticals stock in a transaction on Monday, September 16th. The shares were sold at an average price of $31.64, for a total transaction of $527,312.24. Following the transaction, the chief marketing officer now owns 17,920 shares in the company, valued at $566,988.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 33,433 shares of company stock worth $1,108,244 in the last quarter. 4.64% of the stock is owned by insiders.

Hedge Funds Weigh In On Longboard Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the stock. CIBC Asset Management Inc raised its holdings in Longboard Pharmaceuticals by 46.8% during the 4th quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock worth $1,279,000 after purchasing an additional 67,607 shares during the last quarter. Parkman Healthcare Partners LLC grew its holdings in Longboard Pharmaceuticals by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock worth $2,592,000 after acquiring an additional 73,935 shares during the period. Platinum Investment Management Ltd. bought a new position in shares of Longboard Pharmaceuticals in the 4th quarter worth about $766,000. Jennison Associates LLC lifted its stake in shares of Longboard Pharmaceuticals by 96.0% in the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock valued at $20,356,000 after purchasing an additional 461,576 shares during the period. Finally, Swiss National Bank acquired a new position in shares of Longboard Pharmaceuticals in the 1st quarter valued at about $914,000. 63.28% of the stock is currently 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.