Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Down 5.6%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was down 5.6% on Friday . The company traded as low as $19.31 and last traded at $19.31. Approximately 19,738 shares traded hands during trading, a decline of 99% from the average daily volume of 1,368,938 shares. The stock had previously closed at $20.45.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on LBPH shares. Citigroup started coverage on shares of Longboard Pharmaceuticals in a research note on Friday, February 16th. They set a “buy” rating and a $40.00 price objective on the stock. Wedbush restated an “outperform” rating and set a $32.00 price objective on shares of Longboard Pharmaceuticals in a research note on Wednesday, March 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Friday, March 15th. Finally, Guggenheim boosted their price target on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, January 2nd. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Longboard Pharmaceuticals presently has an average rating of “Buy” and an average target price of $39.50.

Longboard Pharmaceuticals Stock Down 6.1 %

The firm’s 50-day simple moving average is $20.38 and its 200 day simple moving average is $13.52. The stock has a market capitalization of $691.53 million, a P/E ratio of -8.07 and a beta of 1.24.

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

Insiders Place Their Bets

In other Longboard Pharmaceuticals news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the business’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $24.25, for a total transaction of $96,479,595.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.57% 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 LBPH. Citigroup Inc. grew its stake in Longboard Pharmaceuticals by 67.6% during the 2nd quarter. Citigroup Inc. now owns 4,638 shares of the company’s stock valued at $34,000 after acquiring an additional 1,870 shares in the last quarter. California State Teachers Retirement System purchased a new position in Longboard Pharmaceuticals during the 2nd quarter valued at about $38,000. Bourgeon Capital Management LLC purchased a new position in Longboard Pharmaceuticals during the 3rd quarter valued at about $39,000. Wells Fargo & Company MN grew its stake in Longboard Pharmaceuticals by 6,439.4% during the 2nd quarter. Wells Fargo & Company MN now owns 6,147 shares of the company’s stock valued at $45,000 after acquiring an additional 6,053 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new position in Longboard Pharmaceuticals during the 2nd quarter valued at about $66,000. Hedge funds and other institutional investors 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.