Cantor Fitzgerald Reaffirms “Neutral” Rating for Longboard Pharmaceuticals (NASDAQ:LBPH)

Cantor Fitzgerald reaffirmed their neutral rating on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a research note released on Monday morning, Marketbeat reports.

Several other analysts also recently weighed in on the stock. Citigroup lifted their price objective 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. Robert W. Baird lifted their price target on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, July 11th. Wedbush increased their price objective on Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, September 17th. HC Wainwright lifted their target price on Longboard Pharmaceuticals from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, B. Riley increased their price target on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Longboard Pharmaceuticals has an average rating of “Hold” and a consensus target price of $59.56.

Longboard Pharmaceuticals Stock Performance

NASDAQ:LBPH opened at $59.40 on Monday. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of -26.52 and a beta of 1.22. Longboard Pharmaceuticals has a one year low of $3.60 and a one year high of $59.47. The stock has a 50-day simple moving average of $35.87 and a 200 day simple moving average of $28.31.

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

Insider Transactions at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,667 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $34.73, for a total transaction of $578,844.91. Following the completion of the transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $622,361.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 50,000 shares of company stock valued at $2,090,010. Corporate insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of LBPH. Jennison Associates LLC boosted its stake in Longboard Pharmaceuticals by 96.0% in the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock worth $20,356,000 after purchasing an additional 461,576 shares during the period. Swiss National Bank acquired a new stake in shares of Longboard Pharmaceuticals in the first quarter worth $914,000. Quantbot Technologies LP purchased a new position in shares of Longboard Pharmaceuticals during the first quarter valued at $310,000. Price T Rowe Associates Inc. MD raised its position in Longboard Pharmaceuticals by 36.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock valued at $47,910,000 after buying an additional 591,013 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Longboard Pharmaceuticals by 34.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 92,664 shares of the company’s stock worth $2,505,000 after acquiring an additional 23,774 shares in the last quarter. 63.28% of the stock is owned by institutional investors and hedge funds.

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.