Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Short Interest Update

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 5,380,000 shares, a growth of 33.5% from the September 15th total of 4,030,000 shares. Based on an average daily trading volume, of 655,600 shares, the short-interest ratio is presently 8.2 days. Currently, 16.0% of the shares of the company are sold short.

Analyst Ratings Changes

LBPH has been the subject of several research reports. B. Riley reiterated a “neutral” rating and issued a $60.00 target price (up from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday. Wedbush upped their target price on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 17th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a research report on Monday. Truist Financial reiterated a “hold” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Tuesday. Finally, Citigroup upped their target price on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.56.

Longboard Pharmaceuticals Price Performance

Longboard Pharmaceuticals stock traded up $0.09 during mid-day trading on Tuesday, hitting $59.08. The company’s stock had a trading volume of 4,509,509 shares, compared to its average volume of 1,093,559. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of -26.38 and a beta of 1.22. The business has a 50 day moving average price of $34.89 and a 200-day moving average price of $27.83. Longboard Pharmaceuticals has a 12 month low of $3.60 and a 12 month 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 the consensus estimate of ($0.46) by ($0.10). During the same period last year, the company earned ($0.65) EPS. On average, equities research analysts expect that Longboard Pharmaceuticals will post -2.19 earnings per share for the current fiscal year.

Insider Activity at Longboard Pharmaceuticals

In other news, CMO Randall Kaye sold 16,666 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $31.64, for a total transaction of $527,312.24. Following the completion of the transaction, the chief marketing officer now directly owns 17,920 shares in the company, valued at $566,988.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.64% of the stock is owned by company insiders.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of LBPH. RA Capital Management L.P. bought a new position in shares of Longboard Pharmaceuticals during the first quarter valued at about $71,045,000. Farallon Capital Management LLC raised its stake in shares of Longboard Pharmaceuticals by 88.4% during the first quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock valued at $63,515,000 after acquiring an additional 1,380,000 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Longboard Pharmaceuticals by 119.3% during the first quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock valued at $37,248,000 after acquiring an additional 937,998 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Longboard Pharmaceuticals by 36.3% during the first 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, Lord Abbett & CO. LLC purchased a new position in shares of Longboard Pharmaceuticals during the first quarter valued at about $10,264,000. 63.28% of the stock is owned by institutional investors.

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.