Cantor Fitzgerald Reaffirms “Overweight” Rating for Longboard Pharmaceuticals (NASDAQ:LBPH)

Cantor Fitzgerald restated their overweight rating on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a report issued on Monday morning, Benzinga reports. The firm currently has a $90.00 price objective on the stock.

LBPH has been the topic of a number of other research reports. Wedbush dropped their target price on Longboard Pharmaceuticals from $42.00 to $40.00 and set an outperform rating on the stock in a report on Friday, August 2nd. Citigroup raised their target price on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a buy rating in a report on Friday, August 2nd. Robert W. Baird increased their price target on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an outperform rating in a research report on Thursday, July 11th. B. Riley increased their price target on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company a buy rating in a research report on Monday, August 5th. Finally, Truist Financial initiated coverage on Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They set a buy rating and a $60.00 price target for the company. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of Buy and a consensus target price of $60.11.

Longboard Pharmaceuticals Stock Up 6.3 %

LBPH stock opened at $29.31 on Monday. Longboard Pharmaceuticals has a twelve month low of $3.60 and a twelve month high of $40.48. The stock’s 50 day moving average is $34.96 and its 200-day moving average is $25.84. The firm has a market capitalization of $1.14 billion, a PE ratio of -13.08 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its 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 prior year, the company posted ($0.65) earnings per share. On average, equities research analysts anticipate that Longboard Pharmaceuticals will post -2.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $31.64, for a total value of $527,312.24. Following the completion of the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at $566,988.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 33,433 shares of company stock valued at $1,108,244 over the last ninety days. 4.64% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Longboard Pharmaceuticals

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