B. Riley Reiterates “Neutral” Rating for Longboard Pharmaceuticals (NASDAQ:LBPH)

Longboard Pharmaceuticals (NASDAQ:LBPH)‘s stock had its “neutral” rating reaffirmed by equities researchers at B. Riley in a research note issued on Monday, Benzinga reports. They presently have a $60.00 price target on the stock, up from their previous price target of $45.00. B. Riley’s price target would indicate a potential upside of 1.99% from the stock’s previous close.

A number of other analysts have also recently commented on the stock. Wedbush increased their price target on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, September 17th. Robert W. Baird raised their target price on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, July 11th. HC Wainwright lifted their price target on Longboard Pharmaceuticals from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Citigroup upped their price objective on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Longboard Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $61.78.

Longboard Pharmaceuticals Trading Up 51.2 %

Shares of NASDAQ LBPH traded up $19.93 during mid-day trading on Monday, hitting $58.83. The company had a trading volume of 32,931,016 shares, compared to its average volume of 1,025,008. The firm has a 50-day simple moving average of $34.40 and a two-hundred day simple moving average of $27.57. The company has a market capitalization of $2.29 billion, a PE ratio of -26.27 and a beta of 1.22. Longboard Pharmaceuticals has a one year low of $3.60 and a one year high of $59.12.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly 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 previous year, the company posted ($0.65) earnings per share. Sell-side analysts expect that Longboard Pharmaceuticals will post -2.19 earnings per share for the current fiscal year.

Insider Activity at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,666 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $31.64, for a total transaction of $527,312.24. Following the transaction, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $566,988.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.64% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in LBPH. Jennison Associates LLC lifted its position in shares of Longboard Pharmaceuticals by 96.0% during the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock valued at $20,356,000 after acquiring an additional 461,576 shares during the period. Swiss National Bank bought a new stake in Longboard Pharmaceuticals during the first quarter worth about $914,000. Quantbot Technologies LP acquired a new stake in Longboard Pharmaceuticals during the first quarter worth about $310,000. Price T Rowe Associates Inc. MD increased its holdings in Longboard Pharmaceuticals by 36.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock valued at $47,910,000 after buying an additional 591,013 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Longboard Pharmaceuticals by 34.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 92,664 shares of the company’s stock valued at $2,505,000 after buying an additional 23,774 shares in the last quarter. Institutional investors and hedge funds 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.