Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Up 5.1%

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

Wall Street Analyst Weigh In

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

Longboard Pharmaceuticals Stock Up 5.9 %

The firm has a fifty day moving average price of $20.23 and a 200-day moving average price of $13.78. The firm has a market cap of $648.72 million, a price-to-earnings ratio of -7.60 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). Equities research analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.01 earnings per share for the current fiscal year.

Insider Activity at Longboard Pharmaceuticals

In related news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of Longboard Pharmaceuticals stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $24.25, for a total value of $96,479,595.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Longboard Pharmaceuticals by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 786,433 shares of the company’s stock valued at $4,742,000 after purchasing an additional 5,360 shares during the period. Goldman Sachs Group Inc. raised its position in Longboard Pharmaceuticals by 23.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 13,699 shares of the company’s stock valued at $83,000 after purchasing an additional 2,626 shares during the period. Barclays PLC raised its position in Longboard Pharmaceuticals by 668.6% in the fourth quarter. Barclays PLC now owns 21,421 shares of the company’s stock valued at $129,000 after purchasing an additional 18,634 shares during the period. Nuveen Asset Management LLC increased its position in shares of Longboard Pharmaceuticals by 11.6% during the fourth quarter. Nuveen Asset Management LLC now owns 24,346 shares of the company’s stock worth $147,000 after acquiring an additional 2,534 shares during the last quarter. Finally, Parkman Healthcare Partners LLC increased its position in shares of Longboard Pharmaceuticals by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock worth $2,592,000 after acquiring an additional 73,935 shares during the last quarter. 63.28% of the stock is 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.