Longboard Pharmaceuticals’ (LBPH) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a research report released on Tuesday, Benzinga reports. HC Wainwright currently has a $60.00 price objective on the stock.

A number of other analysts have also commented on LBPH. Wedbush reiterated an outperform rating and issued a $32.00 price target on shares of Longboard Pharmaceuticals in a research note on Wednesday, March 13th. Citigroup initiated coverage on shares of Longboard Pharmaceuticals in a research note on Friday, February 16th. They issued a buy rating and a $40.00 price target for the company. Guggenheim lifted their price target on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the stock a buy rating in a research note on Tuesday, January 2nd. Finally, Cantor Fitzgerald reiterated an overweight rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Wednesday, April 10th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Longboard Pharmaceuticals presently has a consensus rating of Buy and an average price target of $39.50.

Longboard Pharmaceuticals Stock Performance

NASDAQ:LBPH opened at $18.25 on Tuesday. The firm has a market cap of $657.37 million, a P/E ratio of -7.67 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 has a 50-day simple moving average of $20.30 and a two-hundred day simple moving average of $13.76.

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

Insider Buying and Selling

In related news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the firm’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 5.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Longboard Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in LBPH. BlackRock Inc. boosted its position in shares of Longboard Pharmaceuticals by 69.5% during the first quarter. BlackRock Inc. now owns 30,669 shares of the company’s stock worth $164,000 after acquiring an additional 12,576 shares during the last quarter. FMR LLC raised its position in shares of Longboard Pharmaceuticals by 162.5% during the 1st quarter. FMR LLC now owns 2,900,392 shares of the company’s stock valued at $11,399,000 after buying an additional 1,795,488 shares in the last quarter. CIBC Asset Management Inc purchased a new stake in shares of Longboard Pharmaceuticals during the 1st quarter valued at about $225,000. Bank of New York Mellon Corp purchased a new stake in shares of Longboard Pharmaceuticals during the 2nd quarter valued at about $336,000. Finally, Citigroup Inc. raised its position in Longboard Pharmaceuticals by 67.6% in the 2nd 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. Hedge funds and other 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.