Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Up 5.1%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s stock price was up 5.1% during mid-day trading on Thursday . The stock traded as high as $17.86 and last traded at $17.86. Approximately 157,720 shares traded hands during trading, a decline of 88% from the average daily volume of 1,322,907 shares. The stock had previously closed at $17.00.

Analysts Set New Price Targets

Several analysts recently issued reports on LBPH shares. Citigroup began coverage on Longboard Pharmaceuticals in a report on Friday, February 16th. They set a “buy” rating and a $40.00 price objective for the company. Guggenheim increased their target price on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, January 2nd. Wedbush reiterated an “outperform” rating and issued a $32.00 target price on shares of Longboard Pharmaceuticals in a research note on Wednesday, March 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Wednesday, April 10th. Finally, HC Wainwright reiterated a “buy” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Tuesday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $39.50.

Longboard Pharmaceuticals Stock Up 5.9 %

The firm has a market cap of $648.72 million, a price-to-earnings ratio of -7.60 and a beta of 1.24. The business’s fifty day moving average is $20.23 and its two-hundred day moving average is $13.78.

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

Insider Activity at Longboard Pharmaceuticals

In related news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $24.25, for a total value of $96,479,595.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.57% of the stock is currently owned by company insiders.

Institutional Trading of Longboard Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the business. FMR LLC grew its holdings in Longboard Pharmaceuticals by 162.5% during the 1st quarter. FMR LLC now owns 2,900,392 shares of the company’s stock worth $11,399,000 after acquiring an additional 1,795,488 shares during the period. Polar Capital Holdings Plc acquired a new stake in Longboard Pharmaceuticals during the 3rd quarter worth $5,560,000. Vanguard Group Inc. grew its holdings in Longboard Pharmaceuticals by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 786,433 shares of the company’s stock worth $4,742,000 after acquiring an additional 5,360 shares during the period. BlackRock Inc. grew its holdings in Longboard Pharmaceuticals by 2,451.9% during the 2nd quarter. BlackRock Inc. now owns 740,603 shares of the company’s stock worth $5,436,000 after acquiring an additional 711,581 shares during the period. Finally, JPMorgan Chase & Co. acquired a new stake in Longboard Pharmaceuticals during the 2nd quarter worth $4,164,000. Institutional investors and hedge funds 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.