Traders Buy High Volume of Longboard Pharmaceuticals Call Options (NASDAQ:LBPH)

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was the recipient of some unusual options trading activity on Monday. Stock investors bought 4,265 call options on the stock. This is an increase of 1,960% compared to the average daily volume of 207 call options.

Longboard Pharmaceuticals Stock Up 51.6 %

NASDAQ LBPH opened at $58.99 on Tuesday. The firm has a market capitalization of $2.29 billion, a P/E ratio of -26.33 and a beta of 1.22. The company has a 50-day moving average price of $34.89 and a 200-day moving average price of $27.83. Longboard Pharmaceuticals has a 52 week low of $3.60 and a 52 week high of $59.12.

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 the consensus estimate of ($0.46) by ($0.10). During the same period last year, the company posted ($0.65) EPS. As a group, equities research analysts anticipate that Longboard Pharmaceuticals will post -2.19 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on LBPH shares. B. Riley reiterated a “neutral” rating and set a $60.00 price target (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday. Evercore ISI restated an “outperform” rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Truist Financial started coverage on shares of Longboard Pharmaceuticals in a research note on Tuesday, September 10th. They issued a “buy” rating and a $60.00 target price on the stock. Citigroup raised their price target 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. Finally, HC Wainwright upped their price objective on Longboard Pharmaceuticals from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $61.78.

Insider Activity

In related news, CMO Randall Kaye sold 16,666 shares of the firm’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 sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at $566,988.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

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

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.