Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives $59.56 Average Price Target from Analysts

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

Several brokerages recently issued reports on LBPH. Wedbush cut Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. HC Wainwright reiterated a “neutral” rating and set a $60.00 target price (down from $80.00) on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. Truist Financial reaffirmed a “hold” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Finally, Evercore ISI reiterated an “outperform” rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th.

Longboard Pharmaceuticals Trading Up 0.0 %

NASDAQ:LBPH opened at $59.98 on Tuesday. The stock has a 50 day simple moving average of $59.32 and a 200 day simple moving average of $41.06. The stock has a market cap of $2.34 billion, a P/E ratio of -26.90 and a beta of 1.00. Longboard Pharmaceuticals has a 1-year low of $3.60 and a 1-year high of $60.03.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.04). As a group, sell-side analysts forecast that Longboard Pharmaceuticals will post -2.22 EPS for the current year.

Insider Buying and Selling

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,667 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $59.03, for a total transaction of $983,853.01. Following the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at $1,057,817.60. The trade was a 48.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.64% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of LBPH. Emerald Advisers LLC raised its stake in Longboard Pharmaceuticals by 199.2% during the third quarter. Emerald Advisers LLC now owns 683,642 shares of the company’s stock worth $22,786,000 after buying an additional 455,119 shares during the last quarter. Braun Stacey Associates Inc. acquired a new position in shares of Longboard Pharmaceuticals in the 3rd quarter valued at about $9,971,000. Emerald Mutual Fund Advisers Trust boosted its position in shares of Longboard Pharmaceuticals by 128.5% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 419,462 shares of the company’s stock valued at $13,981,000 after purchasing an additional 235,885 shares in the last quarter. Candriam S.C.A. acquired a new stake in Longboard Pharmaceuticals during the second quarter worth approximately $6,106,000. Finally, American Century Companies Inc. increased its holdings in Longboard Pharmaceuticals by 70.2% in the second quarter. American Century Companies Inc. now owns 476,390 shares of the company’s stock worth $12,877,000 after purchasing an additional 196,464 shares in the last quarter. 63.28% of the stock is owned by institutional investors and hedge funds.

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.