Short Interest in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Increases By 32.4%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 4,950,000 shares, an increase of 32.4% from the March 15th total of 3,740,000 shares. Currently, 14.9% of the company’s shares are sold short. Based on an average daily volume of 644,800 shares, the days-to-cover ratio is presently 7.7 days.

Insider Buying and Selling

In related news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of Longboard Pharmaceuticals stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $24.25, for a total value of $96,479,595.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of LBPH. Citigroup Inc. grew its holdings in Longboard Pharmaceuticals by 67.6% in 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 shares of Longboard Pharmaceuticals in the second quarter worth approximately $38,000. Bourgeon Capital Management LLC bought a new position in shares of Longboard Pharmaceuticals in the third quarter worth approximately $39,000. Wells Fargo & Company MN lifted its stake in shares of Longboard Pharmaceuticals by 6,439.4% in the second quarter. Wells Fargo & Company MN now owns 6,147 shares of the company’s stock worth $45,000 after buying an additional 6,053 shares in the last quarter. Finally, MetLife Investment Management LLC bought a new position in shares of Longboard Pharmaceuticals in the second quarter worth approximately $66,000. Hedge funds and other institutional investors own 63.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on LBPH shares. Guggenheim raised their price target on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, January 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Wednesday, April 10th. HC Wainwright reiterated a “buy” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Friday, March 15th. Citigroup started coverage on shares of Longboard Pharmaceuticals in a research report on Friday, February 16th. They set a “buy” rating and a $40.00 price target on the stock. Finally, Wedbush reiterated an “outperform” rating and set a $32.00 price target on shares of Longboard Pharmaceuticals in a research report on Wednesday, March 13th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $39.50.

Longboard Pharmaceuticals Stock Performance

Shares of LBPH opened at $19.20 on Monday. The stock has a market cap of $691.58 million, a PE ratio of -8.07 and a beta of 1.24. Longboard Pharmaceuticals has a fifty-two week low of $3.60 and a fifty-two week high of $28.15. The firm’s 50-day simple moving average is $20.38 and its two-hundred day simple moving average is $13.58.

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

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.