Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Down 4.8%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares fell 4.8% during trading on Monday . The stock traded as low as $35.62 and last traded at $35.62. 116,600 shares were traded during mid-day trading, a decline of 88% from the average session volume of 938,192 shares. The stock had previously closed at $37.40.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on LBPH. Citigroup lifted their target price on Longboard Pharmaceuticals from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Robert W. Baird lifted their target price on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, July 11th. B. Riley lifted their target price on Longboard Pharmaceuticals from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Wedbush lifted their target price on Longboard Pharmaceuticals from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Finally, Evercore ISI lifted their target price on Longboard Pharmaceuticals from $57.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 2nd. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $54.63.

Longboard Pharmaceuticals Trading Down 6.7 %

The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -15.83 and a beta of 1.24. The stock has a 50-day moving average of $25.79 and a 200-day moving average of $22.62.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.42) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.06. As a group, research analysts expect that Longboard Pharmaceuticals, Inc. will post -1.82 earnings per share for the current fiscal year.

Institutional Trading of Longboard Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in LBPH. Ameritas Investment Partners Inc. raised its stake in Longboard Pharmaceuticals by 93.3% during the 1st 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Longboard Pharmaceuticals during the 2nd quarter valued at $127,000. SG Americas Securities LLC bought a new stake in Longboard Pharmaceuticals during the 1st quarter valued at $132,000. Denali Advisors LLC bought a new stake in Longboard Pharmaceuticals during the 1st quarter valued at $201,000. Finally, American International Group Inc. raised its stake in Longboard Pharmaceuticals by 58.6% during the 1st quarter. American International Group Inc. now owns 12,283 shares of the company’s stock valued at $265,000 after acquiring an additional 4,540 shares in the last quarter. Institutional investors own 63.28% of the company’s stock.

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.