Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Down 5.4%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares dropped 5.4% during trading on Tuesday . The company traded as low as $34.56 and last traded at $35.25. Approximately 516,960 shares changed hands during trading, a decline of 41% from the average daily volume of 882,891 shares. The stock had previously closed at $37.27.

Analyst Upgrades and Downgrades

LBPH has been the subject of a number of research reports. Wedbush lowered their price target on Longboard Pharmaceuticals from $42.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. HC Wainwright reaffirmed a “buy” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Thursday, August 22nd. Citigroup boosted their price objective on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Evercore ISI reissued an “outperform” rating and issued a $80.00 price objective on shares of Longboard Pharmaceuticals in a report on Monday. Finally, B. Riley boosted their price objective on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company a “buy” rating in a report on Monday, August 5th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Longboard Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $57.13.

Longboard Pharmaceuticals Stock Performance

The company has a 50 day moving average of $33.17 and a two-hundred day moving average of $24.58. The stock has a market cap of $1.38 billion, a PE ratio of -15.67 and a beta of 1.24.

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 the consensus estimate of ($0.46) by ($0.10). During the same quarter in the previous year, the firm posted ($0.65) earnings per share. As a group, equities research analysts anticipate that Longboard Pharmaceuticals, Inc. will post -1.82 EPS for the current year.

Insider Activity at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock in a transaction dated Monday, August 12th. The stock was 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 approximately $622,361.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.64% of the stock is owned by company insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Several large investors have recently bought and sold shares of the company. RA Capital Management L.P. purchased a new stake in Longboard Pharmaceuticals during the 1st quarter worth approximately $71,045,000. Farallon Capital Management LLC increased its stake in Longboard Pharmaceuticals by 88.4% during the 1st quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock worth $63,515,000 after buying an additional 1,380,000 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in 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 buying an additional 591,013 shares in the last quarter. Vanguard Group Inc. increased its stake in 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 buying an additional 937,998 shares in the last quarter. Finally, Integral Health Asset Management LLC grew its position in shares of Longboard Pharmaceuticals by 12.8% in the second quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company’s stock valued at $29,733,000 after purchasing an additional 125,000 shares in the last quarter. 63.28% of the stock is currently owned by hedge funds and other institutional investors.

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.