Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives Consensus Recommendation of “Hold” from Analysts

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) has been assigned a consensus recommendation of “Hold” from the nine brokerages that are currently covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $59.56.

Several research firms have commented on LBPH. Wedbush downgraded shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. Truist Financial reaffirmed a “hold” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. B. Riley reaffirmed a “neutral” rating and set a $60.00 price target (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. HC Wainwright reiterated a “neutral” rating and issued a $60.00 price target (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th.

Longboard Pharmaceuticals Stock Performance

Shares of Longboard Pharmaceuticals stock opened at $59.69 on Monday. Longboard Pharmaceuticals has a fifty-two week low of $3.60 and a fifty-two week high of $59.95. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of -27.76 and a beta of 1.22. The stock has a 50 day moving average of $41.68 and a 200 day moving average of $31.63.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same quarter last year, the business earned ($0.65) earnings per share. Analysts forecast that Longboard Pharmaceuticals will post -2.19 EPS for the current year.

Insiders Place Their Bets

In other news, CMO Randall Kaye sold 16,667 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $34.73, for a total value of $578,844.91. Following the completion of the transaction, the chief marketing officer now owns 17,920 shares in the company, valued at $622,361.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders have sold 50,000 shares of company stock worth $2,090,010. Corporate insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. RA Capital Management L.P. purchased a new stake in Longboard Pharmaceuticals during the first quarter worth $71,045,000. Farallon Capital Management LLC grew its position in shares of Longboard Pharmaceuticals by 88.4% in the first quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock valued at $63,515,000 after purchasing an additional 1,380,000 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Longboard Pharmaceuticals by 36.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock worth $47,910,000 after purchasing an additional 591,013 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Longboard Pharmaceuticals by 119.3% during the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock worth $37,248,000 after purchasing an additional 937,998 shares during the last quarter. Finally, Integral Health Asset Management LLC lifted its stake in Longboard Pharmaceuticals by 12.8% in the 2nd quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company’s stock valued at $29,733,000 after buying an additional 125,000 shares in the last quarter. 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.