Longboard Pharmaceuticals (NASDAQ:LBPH) Earns “Outperform” Rating from Evercore ISI

Evercore ISI reaffirmed their outperform rating on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a research note released on Monday, Benzinga reports. The brokerage currently has a $80.00 price objective on the stock.

A number of other research analysts also recently weighed in on LBPH. HC Wainwright restated a buy rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Thursday, August 22nd. Wedbush reduced 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. Cantor Fitzgerald reissued an overweight rating and set a $90.00 price objective on shares of Longboard Pharmaceuticals in a report on Friday, August 2nd. Citigroup boosted their target price on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a buy rating in a report on Friday, August 2nd. Finally, B. Riley increased their price target 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, the company currently has an average rating of Buy and an average target price of $57.13.

Longboard Pharmaceuticals Price Performance

Shares of NASDAQ LBPH opened at $35.10 on Monday. Longboard Pharmaceuticals has a one year low of $3.60 and a one year high of $40.48. The business’s 50-day moving average price is $33.17 and its two-hundred day moving average price is $24.58. The company has a market capitalization of $1.36 billion, a P/E 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 (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same quarter last year, the business posted ($0.65) earnings per share. On average, equities analysts anticipate that Longboard Pharmaceuticals will post -1.82 EPS for the current year.

Insiders Place Their Bets

In other 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 value of $578,844.91. Following the completion of the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at $622,361.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. grew its position in Longboard Pharmaceuticals by 93.3% during the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock worth $54,000 after buying an additional 1,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Longboard Pharmaceuticals during the second quarter valued at approximately $127,000. SG Americas Securities LLC acquired a new position in shares of Longboard Pharmaceuticals in the first quarter valued at $132,000. Arizona State Retirement System acquired a new position in shares of Longboard Pharmaceuticals in the second quarter valued at $216,000. Finally, Denali Advisors LLC bought a new position in Longboard Pharmaceuticals in the first quarter worth $201,000. Institutional investors own 63.28% of the company’s stock.

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.