Analysts Set Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Target Price at $57.13

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) have earned an average recommendation of “Buy” from the eight ratings firms that are covering the stock, MarketBeat reports. Eight research analysts have rated the stock with a buy rating. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $57.13.

A number of analysts have recently issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and set a $90.00 price objective on shares of Longboard Pharmaceuticals in a research report on Friday, August 2nd. Citigroup increased 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. HC Wainwright reiterated a “buy” rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Thursday, August 1st. Wedbush dropped their price target on shares of Longboard Pharmaceuticals from $42.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Evercore ISI raised their price target on shares of Longboard Pharmaceuticals from $57.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 2nd.

Longboard Pharmaceuticals Trading Down 5.8 %

Shares of Longboard Pharmaceuticals stock opened at $34.38 on Wednesday. Longboard Pharmaceuticals has a 1 year low of $3.60 and a 1 year high of $40.48. The company’s fifty day simple moving average is $31.20 and its 200-day simple moving average is $23.96. The company has a market cap of $1.34 billion, a price-to-earnings ratio of -15.35 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its 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 last year, the company posted ($0.65) EPS. As a group, research analysts forecast that Longboard Pharmaceuticals will post -1.82 earnings per share for the current fiscal year.

Insider Transactions at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,667 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $34.73, for a total transaction of $578,844.91. Following the sale, the chief marketing officer now directly owns 17,920 shares in the company, valued at approximately $622,361.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LBPH. CIBC Asset Management Inc increased its position in Longboard Pharmaceuticals by 46.8% in the 4th quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock valued at $1,279,000 after acquiring an additional 67,607 shares in the last quarter. Parkman Healthcare Partners LLC increased its holdings in shares of Longboard Pharmaceuticals by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock valued at $2,592,000 after purchasing an additional 73,935 shares in the last quarter. Platinum Investment Management Ltd. bought a new position in Longboard Pharmaceuticals in the 4th quarter worth approximately $766,000. Jennison Associates LLC lifted its holdings in Longboard Pharmaceuticals by 96.0% during the 1st 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 in the last quarter. Finally, Swiss National Bank acquired a new position in Longboard Pharmaceuticals during the 1st quarter worth $914,000. 63.28% of the stock is owned by 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.