Longboard Pharmaceuticals Target of Unusually High Options Trading (NASDAQ:LBPH)

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was the target of some unusual options trading on Monday. Traders acquired 4,265 call options on the company. This represents an increase of 1,960% compared to the typical volume of 207 call options.

Analysts Set New Price Targets

Several equities research analysts recently commented on LBPH shares. Truist Financial assumed coverage on Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They set a “buy” rating and a $60.00 target price on the stock. Wedbush boosted their target price on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, September 17th. Robert W. Baird raised their price target on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, July 11th. Cantor Fitzgerald reissued a “neutral” rating on shares of Longboard Pharmaceuticals in a research report on Monday. Finally, Citigroup boosted their target price on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $61.78.

Longboard Pharmaceuticals Trading Up 51.2 %

Longboard Pharmaceuticals stock traded up $19.93 during trading on Monday, hitting $58.83. 40,150,176 shares of the company were exchanged, compared to its average volume of 1,045,517. Longboard Pharmaceuticals has a 52 week low of $3.60 and a 52 week high of $59.12. The company has a market capitalization of $2.29 billion, a P/E ratio of -26.27 and a beta of 1.22. The business’s 50 day moving average is $34.40 and its 200 day moving average is $27.57.

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 analysts’ consensus estimates of ($0.46) by ($0.10). During the same quarter in the previous year, the company earned ($0.65) EPS. Equities analysts expect that Longboard Pharmaceuticals will post -2.19 EPS for the current year.

Insider Activity at Longboard Pharmaceuticals

In other news, CMO Randall Kaye sold 16,667 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $34.73, for a total transaction of $578,844.91. Following the completion of the transaction, the chief marketing officer now directly owns 17,920 shares in the company, valued at $622,361.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale 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 company insiders.

Institutional Inflows and Outflows

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