Longboard Pharmaceuticals’ (LBPH) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a report published on Tuesday, Benzinga reports. They currently have a $60.00 price objective on the stock.

Several other research analysts have also recently weighed in on the stock. Wedbush restated an outperform rating and set a $32.00 price target on shares of Longboard Pharmaceuticals in a report on Wednesday, March 13th. Guggenheim boosted 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. Citigroup began coverage on shares of Longboard Pharmaceuticals in a research note on Friday, February 16th. They issued a buy rating and a $40.00 target price on the stock. Finally, 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. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Longboard Pharmaceuticals presently has a consensus rating of Buy and an average target price of $39.50.

Longboard Pharmaceuticals Stock Performance

Longboard Pharmaceuticals stock opened at $18.25 on Tuesday. Longboard Pharmaceuticals has a fifty-two week low of $3.60 and a fifty-two week high of $28.15. The stock has a market cap of $657.37 million, a PE ratio of -7.67 and a beta of 1.24. The firm’s 50-day simple moving average is $20.30 and its 200 day simple moving average is $13.76.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings results on Tuesday, March 12th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, analysts predict that Longboard Pharmaceuticals will post -2.01 EPS for the current fiscal year.

Insider Activity at Longboard Pharmaceuticals

In related news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the company’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 transaction of $96,479,595.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 5.57% of the stock is currently owned by corporate insiders.

Institutional Trading of Longboard Pharmaceuticals

Institutional investors have recently modified their holdings of the business. TD Asset Management Inc lifted its stake in shares of Longboard Pharmaceuticals by 149.8% during the 3rd 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 bought a new stake in Longboard Pharmaceuticals during the 3rd quarter worth approximately $5,560,000. Bourgeon Capital Management LLC bought a new stake in Longboard Pharmaceuticals during the 3rd quarter worth approximately $39,000. BlackRock Inc. increased 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, The Manufacturers Life Insurance Company increased its holdings in Longboard Pharmaceuticals by 37.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 38,803 shares of the company’s stock worth $285,000 after acquiring an additional 10,554 shares during the period. 63.28% of the stock is currently owned by hedge funds and other institutional investors.

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.