Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) have received an average rating of “Buy” from the six ratings firms that are currently covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 1-year price target among analysts that have issued a report on the stock in the last year is $43.67.

A number of analysts have recently weighed in on LBPH shares. HC Wainwright reissued a “buy” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research note on Tuesday, April 16th. Wedbush increased their price target on shares of Longboard Pharmaceuticals from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday. Robert W. Baird started coverage on shares of Longboard Pharmaceuticals in a research report on Wednesday, May 1st. They issued an “outperform” rating and a $36.00 price objective on the stock. Citigroup started coverage on shares of Longboard Pharmaceuticals in a research note on Friday, February 16th. They set a “buy” rating and a $40.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Friday.

Longboard Pharmaceuticals Stock Down 6.3 %

NASDAQ LBPH opened at $21.38 on Monday. The company has a 50-day simple moving average of $20.08 and a two-hundred day simple moving average of $15.12. Longboard Pharmaceuticals has a 12-month low of $3.60 and a 12-month high of $28.15. The firm has a market cap of $770.11 million, a price-to-earnings ratio of -9.54 and a beta of 1.25.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its earnings results 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 analysts expect that Longboard Pharmaceuticals will post -2.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of LBPH. Bourgeon Capital Management LLC bought a new stake in Longboard Pharmaceuticals during the 3rd quarter valued at approximately $39,000. Denali Advisors LLC bought a new stake in shares of Longboard Pharmaceuticals during the first quarter valued at approximately $201,000. TD Asset Management Inc boosted its position in shares of Longboard Pharmaceuticals by 149.8% during the third quarter. TD Asset Management Inc now owns 121,422 shares of the company’s stock valued at $675,000 after purchasing an additional 72,811 shares in the last quarter. Platinum Investment Management Ltd. purchased a new stake in Longboard Pharmaceuticals in the fourth quarter worth $766,000. Finally, CIBC Asset Management Inc raised its holdings in Longboard Pharmaceuticals by 46.8% in the fourth quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock worth $1,279,000 after purchasing an additional 67,607 shares in the last quarter. Hedge funds and other 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.