Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Down 6.2% – Here’s What Happened

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was down 6.2% during trading on Monday . The stock traded as low as $33.61 and last traded at $33.98. Approximately 492,529 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 862,607 shares. The stock had previously closed at $36.22.

Analyst Ratings Changes

A number of equities research analysts recently commented on LBPH shares. Truist Financial started coverage on Longboard Pharmaceuticals in a research note on Tuesday, September 10th. They set a “buy” rating and a $60.00 price objective for the company. B. Riley lifted their price objective on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Evercore ISI reaffirmed an “outperform” rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Robert W. Baird lifted their price objective on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, July 11th. Finally, HC Wainwright lifted their price objective on Longboard Pharmaceuticals from $60.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $60.11.

Longboard Pharmaceuticals Stock Performance

The stock has a fifty day simple moving average of $34.25 and a two-hundred day simple moving average of $27.24. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -14.64 and a beta of 1.22.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released 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 in the prior year, the business earned ($0.65) earnings per share. Equities analysts expect that Longboard Pharmaceuticals, Inc. will post -2.19 earnings per share for the current fiscal year.

Insider Transactions at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals 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 transaction of $527,312.24. Following the completion of the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $566,988.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several institutional investors have recently bought and sold shares of LBPH. Parkman Healthcare Partners LLC lifted its stake in Longboard Pharmaceuticals by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock valued at $2,592,000 after purchasing an additional 73,935 shares during the last quarter. Denali Advisors LLC bought a new stake in Longboard Pharmaceuticals during the 1st quarter valued at $201,000. Jennison Associates LLC raised its holdings in Longboard Pharmaceuticals by 96.0% during the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock valued at $20,356,000 after acquiring an additional 461,576 shares during the period. Quantbot Technologies LP bought a new stake in Longboard Pharmaceuticals during the 1st quarter valued at $310,000. Finally, SG Americas Securities LLC bought a new stake in Longboard Pharmaceuticals during the 1st quarter valued at $132,000. Hedge funds and other institutional investors own 63.28% of the company’s stock.

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.