Brokerages Set Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Target Price at $60.11

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) have earned an average rating of “Buy” from the nine brokerages that are presently covering the firm, MarketBeat.com reports. Nine analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have covered the stock in the last year is $60.11.

LBPH has been the subject of a number of research reports. B. Riley boosted their price target on shares of Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, September 16th. Citigroup lifted their price objective on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Robert W. Baird lifted their price objective on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, July 11th. Finally, Evercore ISI restated an “outperform” rating and issued a $80.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th.

Insider Transactions at Longboard Pharmaceuticals

In other news, CMO Randall Kaye sold 16,667 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $34.73, for a total transaction of $578,844.91. Following the transaction, the chief marketing officer now directly owns 17,920 shares in the company, valued at $622,361.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LBPH. CIBC Asset Management Inc grew its position in Longboard Pharmaceuticals by 46.8% during the fourth quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock worth $1,279,000 after buying an additional 67,607 shares during the period. Platinum Investment Management Ltd. acquired a new position in Longboard Pharmaceuticals during the fourth quarter worth about $766,000. Parkman Healthcare Partners LLC grew its position in 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 buying an additional 73,935 shares during the period. Denali Advisors LLC acquired a new position in Longboard Pharmaceuticals during the first quarter worth about $201,000. Finally, Jennison Associates LLC grew its position in Longboard Pharmaceuticals by 96.0% during the first quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock worth $20,356,000 after buying an additional 461,576 shares during the period. 63.28% of the stock is currently owned by institutional investors and hedge funds.

Longboard Pharmaceuticals Trading Down 7.9 %

Longboard Pharmaceuticals stock opened at $33.35 on Thursday. The stock has a market cap of $1.30 billion, a P/E ratio of -14.89 and a beta of 1.22. The company has a fifty day simple moving average of $34.27 and a 200-day simple moving average of $27.05. Longboard Pharmaceuticals has a 12-month low of $3.60 and a 12-month high of $43.15.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings results 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 in the previous year, the firm earned ($0.65) EPS. As a group, sell-side analysts forecast that Longboard Pharmaceuticals will post -2.19 earnings per share for the current fiscal year.

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.