Longboard Pharmaceuticals (NASDAQ:LBPH) Trading 6.1% Higher

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s stock price was up 6.1% on Tuesday . The stock traded as high as $21.94 and last traded at $21.85. Approximately 84,427 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 1,185,094 shares. The stock had previously closed at $20.60.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Wedbush boosted their price target on shares of Longboard Pharmaceuticals from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday. Citigroup initiated coverage on shares of Longboard Pharmaceuticals in a research report on Friday, February 16th. They issued a “buy” rating and a $40.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Tuesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Friday. Finally, Robert W. Baird assumed coverage on shares of Longboard Pharmaceuticals in a report on Wednesday, May 1st. They issued an “outperform” rating and a $36.00 target price on the stock. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $43.67.

Longboard Pharmaceuticals Stock Up 7.0 %

The stock has a fifty day moving average price of $20.03 and a 200-day moving average price of $15.23. The firm has a market cap of $794.06 million, a price-to-earnings ratio of -9.84 and a beta of 1.25.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings data on Tuesday, March 12th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). As a group, research analysts expect that Longboard Pharmaceuticals, Inc. will post -2.01 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Jennison Associates LLC purchased a new stake in shares of Longboard Pharmaceuticals during the 4th quarter worth $2,899,000. TD Asset Management Inc increased its holdings in Longboard Pharmaceuticals by 149.8% in the third quarter. TD Asset Management Inc now owns 121,422 shares of the company’s stock valued at $675,000 after buying an additional 72,811 shares in the last quarter. Polar Capital Holdings Plc acquired a new stake in shares of Longboard Pharmaceuticals during the 3rd quarter valued at approximately $5,560,000. Bourgeon Capital Management LLC purchased a new stake in shares of Longboard Pharmaceuticals during the 3rd quarter worth approximately $39,000. Finally, Sei Investments Co. acquired a new stake in shares of Longboard Pharmaceuticals in the 1st quarter worth approximately $429,000. Institutional investors and hedge funds own 63.28% of the company’s stock.

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.