Longboard Pharmaceuticals (NASDAQ:LBPH) Reaches New 1-Year High – Here’s What Happened

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $59.95 and last traded at $59.72, with a volume of 180475 shares traded. The stock had previously closed at $59.72.

Wall Street Analysts Forecast Growth

LBPH has been the subject of several recent research reports. HC Wainwright reiterated a “neutral” rating and set a $60.00 target price (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Truist Financial reaffirmed a “hold” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. Evercore ISI reissued an “outperform” rating and issued a $80.00 target price on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Robert W. Baird upped their target price on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, July 11th. Finally, Wedbush lowered Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Longboard Pharmaceuticals has a consensus rating of “Hold” and a consensus target price of $59.56.

Longboard Pharmaceuticals Stock Down 0.1 %

The business’s fifty day moving average is $41.18 and its 200 day moving average is $31.34.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same quarter in the prior year, the firm earned ($0.65) EPS. On average, analysts predict that Longboard Pharmaceuticals, Inc. will post -2.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CMO Randall Kaye sold 16,667 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $59.03, for a total transaction of $983,853.01. Following the transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at approximately $1,057,817.60. 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. Insiders sold a total of 50,000 shares of company stock worth $2,090,010 in the last quarter. 4.64% of the stock is currently owned by corporate insiders.

Institutional Trading of Longboard Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. RA Capital Management L.P. acquired a new stake in shares of Longboard Pharmaceuticals in the first quarter worth $71,045,000. Farallon Capital Management LLC lifted its position in Longboard Pharmaceuticals by 88.4% during the 1st quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock worth $63,515,000 after acquiring an additional 1,380,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in 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 period. Price T Rowe Associates Inc. MD grew its position in shares of Longboard Pharmaceuticals by 36.3% in 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 purchasing an additional 591,013 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in shares of Longboard Pharmaceuticals in the first quarter worth about $10,264,000. Institutional investors and hedge funds 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.