Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives $59.56 Average PT from Brokerages

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) has been assigned an average rating of “Hold” from the nine ratings firms that are currently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $59.56.

A number of equities analysts recently weighed in on LBPH shares. Citigroup lifted their price target on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Evercore ISI restated an “outperform” rating and issued a $80.00 target price on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Truist Financial reiterated a “hold” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. B. Riley reiterated a “neutral” rating and set a $60.00 price target (up from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Finally, Wedbush lowered Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th.

Insider Transactions at Longboard Pharmaceuticals

In other news, CMO Randall Kaye sold 16,666 shares of the company’s stock in a transaction 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 transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $566,988.80. This represents a 48.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several large investors have recently made changes to their positions in LBPH. SG Americas Securities LLC acquired a new position in shares of Longboard Pharmaceuticals during the first quarter valued at $132,000. Swiss National Bank acquired a new position in shares of Longboard Pharmaceuticals during the first quarter valued at $914,000. Sei Investments Co. acquired a new position in shares of Longboard Pharmaceuticals during the first quarter valued at $429,000. Vanguard Group Inc. lifted its stake in shares of Longboard Pharmaceuticals by 119.3% during the first quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock valued at $37,248,000 after acquiring an additional 937,998 shares during the period. Finally, Ameritas Investment Partners Inc. lifted its stake in shares of Longboard Pharmaceuticals by 93.3% during the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock valued at $54,000 after acquiring an additional 1,200 shares during the period. Institutional investors and hedge funds own 63.28% of the company’s stock.

Longboard Pharmaceuticals Trading Up 0.1 %

Shares of Longboard Pharmaceuticals stock opened at $59.80 on Friday. The company’s 50-day moving average price is $49.11 and its two-hundred day moving average price is $35.98. Longboard Pharmaceuticals has a 52 week low of $3.60 and a 52 week high of $59.95. The stock has a market cap of $2.33 billion, a PE ratio of -26.82 and a beta of 1.07.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.04). On average, equities analysts predict that Longboard Pharmaceuticals will post -2.22 EPS for the current fiscal year.

Longboard Pharmaceuticals Company Profile

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.