Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Down 5.6%

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) traded down 5.6% on Friday . The stock traded as low as $19.31 and last traded at $19.31. 19,738 shares changed hands during trading, a decline of 99% from the average session volume of 1,368,938 shares. The stock had previously closed at $20.45.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Wednesday. HC Wainwright reissued a “buy” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Friday, March 15th. Guggenheim increased their price target on Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, January 2nd. Wedbush reissued an “outperform” rating and set a $32.00 price target on shares of Longboard Pharmaceuticals in a research report on Wednesday, March 13th. Finally, Citigroup started coverage on Longboard Pharmaceuticals in a research report on Friday, February 16th. They set a “buy” rating and a $40.00 price target for the company. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $39.50.

Longboard Pharmaceuticals Price Performance

The company has a market capitalization of $691.53 million, a price-to-earnings ratio of -8.07 and a beta of 1.24. The stock has a 50-day moving average price of $20.38 and a 200-day moving average price of $13.52.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings data on Tuesday, March 12th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). Equities analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.01 earnings per share for the current year.

Insider Activity

In other news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $24.25, for a total transaction of $96,479,595.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 5.57% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Large investors have recently made changes to their positions in the company. Citigroup Inc. increased its stake in shares of Longboard Pharmaceuticals by 67.6% during the second quarter. Citigroup Inc. now owns 4,638 shares of the company’s stock worth $34,000 after purchasing an additional 1,870 shares during the period. California State Teachers Retirement System bought a new position in Longboard Pharmaceuticals during the 2nd quarter worth $38,000. Bourgeon Capital Management LLC bought a new position in Longboard Pharmaceuticals during the 3rd quarter worth $39,000. Wells Fargo & Company MN increased its stake in Longboard Pharmaceuticals by 6,439.4% during the 2nd quarter. Wells Fargo & Company MN now owns 6,147 shares of the company’s stock worth $45,000 after acquiring an additional 6,053 shares during the period. Finally, MetLife Investment Management LLC bought a new position in Longboard Pharmaceuticals during the 2nd quarter worth $66,000. Institutional investors 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.