Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Up 6.2%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s stock price shot up 6.2% during trading on Friday . The company traded as high as $34.16 and last traded at $33.89. 328,362 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 958,356 shares. The stock had previously closed at $31.91.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on LBPH. B. Riley boosted their price objective on Longboard Pharmaceuticals from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. HC Wainwright reiterated a “buy” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Tuesday, June 11th. Wedbush raised their target price on shares of Longboard Pharmaceuticals from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Robert W. Baird started coverage on Longboard Pharmaceuticals in a research note on Wednesday, May 1st. They issued an “outperform” rating and a $36.00 price objective on the stock. Finally, Cantor Fitzgerald lifted their target price on Longboard Pharmaceuticals from $60.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $51.63.

Longboard Pharmaceuticals Stock Performance

The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of -15.11 and a beta of 1.24. The business’s 50 day moving average is $20.97 and its 200 day moving average is $19.91.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.06. Sell-side analysts predict that Longboard Pharmaceuticals, Inc. will post -1.82 EPS for the current year.

Institutional Trading of Longboard Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. CIBC Asset Management Inc grew its stake in shares of Longboard Pharmaceuticals by 46.8% during the 4th quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock worth $1,279,000 after purchasing an additional 67,607 shares during the period. Parkman Healthcare Partners LLC raised its holdings in Longboard Pharmaceuticals by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock valued at $2,592,000 after acquiring an additional 73,935 shares during the last quarter. Platinum Investment Management Ltd. purchased a new position in Longboard Pharmaceuticals in the 4th quarter worth approximately $766,000. Jennison Associates LLC acquired a new position in shares of Longboard Pharmaceuticals during the 4th quarter worth approximately $2,899,000. Finally, Polar Capital Holdings Plc acquired a new position in Longboard Pharmaceuticals during the third quarter worth $5,560,000. Hedge funds and other institutional investors own 63.28% of the company’s stock.

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.