Longboard Pharmaceuticals’ (LBPH) Neutral Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their neutral rating on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a research note released on Tuesday morning, Benzinga reports. HC Wainwright currently has a $60.00 price objective on the stock, down from their prior price objective of $80.00.

Several other brokerages have also recently issued reports on LBPH. Evercore ISI reaffirmed an outperform rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Truist Financial reaffirmed a hold rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Tuesday. B. Riley reaffirmed a neutral rating and set a $60.00 price objective (up from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday. Robert W. Baird raised their price target on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an outperform rating in a research report on Thursday, July 11th. Finally, Wedbush raised their price target on Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an outperform rating in a research report on Tuesday, September 17th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $59.56.

Longboard Pharmaceuticals Price Performance

LBPH opened at $59.08 on Tuesday. The business has a 50 day simple moving average of $35.38 and a 200-day simple moving average of $28.09. The stock has a market capitalization of $2.30 billion, a P/E ratio of -26.38 and a beta of 1.22. Longboard Pharmaceuticals has a 12 month low of $3.60 and a 12 month high of $59.12.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same period in the previous year, the business earned ($0.65) earnings per share. Research analysts anticipate that Longboard Pharmaceuticals will post -2.19 EPS for the current year.

Insider Activity

In other news, CMO Randall Kaye sold 16,666 shares of Longboard Pharmaceuticals stock in a transaction 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 completion of the sale, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $566,988.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Denali Advisors LLC acquired a new position in Longboard Pharmaceuticals in the first quarter valued at $201,000. Jennison Associates LLC lifted its stake in shares of Longboard Pharmaceuticals by 96.0% in the first quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock worth $20,356,000 after acquiring an additional 461,576 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Longboard Pharmaceuticals in the first quarter worth about $310,000. SG Americas Securities LLC acquired a new position in shares of Longboard Pharmaceuticals in the first quarter worth about $132,000. Finally, Swiss National Bank acquired a new position in shares of Longboard Pharmaceuticals in the first quarter worth about $914,000. 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.