Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Down 5.7%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s share price was down 5.7% on Friday . The stock traded as low as $21.27 and last traded at $21.50. Approximately 358,602 shares changed hands during trading, a decline of 70% from the average daily volume of 1,205,339 shares. The stock had previously closed at $22.81.

Analyst Ratings Changes

A number of equities research analysts have issued reports on LBPH shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Friday. Citigroup assumed 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. Wedbush lifted their price target on Longboard Pharmaceuticals from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday. Robert W. Baird began coverage on Longboard Pharmaceuticals in a research note on Wednesday. They issued an “outperform” rating and a $36.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Tuesday, April 16th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $43.67.

Longboard Pharmaceuticals Stock Performance

The business has a 50-day moving average price of $20.08 and a 200 day moving average price of $14.98.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced 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). As a group, sell-side analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.01 earnings per share for the current fiscal year.

Institutional Trading of Longboard Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. Polar Capital Holdings Plc bought a new stake in shares of Longboard Pharmaceuticals in the 3rd quarter valued at about $5,560,000. Jennison Associates LLC increased its stake in Longboard Pharmaceuticals by 96.0% in the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock worth $20,356,000 after purchasing an additional 461,576 shares during the period. Parkman Healthcare Partners LLC lifted its position in Longboard Pharmaceuticals by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock valued at $2,592,000 after purchasing an additional 73,935 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Longboard Pharmaceuticals by 46.8% during the fourth quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock valued at $1,279,000 after purchasing an additional 67,607 shares during the period. Finally, Platinum Investment Management Ltd. bought a new position in shares of Longboard Pharmaceuticals in the fourth quarter worth approximately $766,000. 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.