Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Gap Up Following Analyst Upgrade

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s share price gapped up before the market opened on Wednesday after HC Wainwright raised their price target on the stock from $60.00 to $80.00. The stock had previously closed at $27.58, but opened at $28.18. HC Wainwright currently has a buy rating on the stock. Longboard Pharmaceuticals shares last traded at $28.02, with a volume of 43,839 shares trading hands.

Several other equities analysts have also weighed in on the stock. Citigroup increased their price objective on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, August 2nd. B. Riley increased their price target on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company 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 increased their target price on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, July 11th. Finally, Truist Financial initiated coverage on Longboard Pharmaceuticals in a report on Tuesday, September 10th. They set a “buy” rating and a $60.00 target price on the stock. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $60.11.

Insider Buying and Selling

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the business’s stock in a transaction dated 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 transaction, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at $566,988.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 33,433 shares of company stock valued at $1,108,244. 4.64% of the stock is owned by company insiders.

Institutional Trading of Longboard Pharmaceuticals

Several hedge funds have recently bought and sold shares of LBPH. RA Capital Management L.P. acquired a new position in shares of Longboard Pharmaceuticals in the first quarter valued at approximately $71,045,000. Farallon Capital Management LLC boosted its stake in Longboard Pharmaceuticals by 88.4% in the 1st quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock worth $63,515,000 after purchasing an additional 1,380,000 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Longboard Pharmaceuticals by 36.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock worth $47,910,000 after purchasing an additional 591,013 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Longboard Pharmaceuticals by 119.3% in the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock valued at $37,248,000 after purchasing an additional 937,998 shares during the period. Finally, Integral Health Asset Management LLC lifted its holdings in shares of Longboard Pharmaceuticals by 12.8% in the second quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company’s stock valued at $29,733,000 after purchasing an additional 125,000 shares in the last quarter. 63.28% of the stock is currently owned by institutional investors and hedge funds.

Longboard Pharmaceuticals Price Performance

The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -12.31 and a beta of 1.24. The firm has a 50-day moving average price of $35.11 and a two-hundred day moving average price of $25.82.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly 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 previous year, the business earned ($0.65) earnings per share. On average, equities analysts predict that Longboard Pharmaceuticals, Inc. will post -2.13 EPS for the current year.

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.