Longboard Pharmaceuticals (NASDAQ:LBPH) Hits New 1-Year High – Here’s What Happened

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares hit a new 52-week high on Friday . The company traded as high as $59.95 and last traded at $59.72, with a volume of 180475 shares trading hands. The stock had previously closed at $59.72.

Analysts Set New Price Targets

Several equities analysts have issued reports on LBPH shares. B. Riley restated a “neutral” rating and issued a $60.00 price objective (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Citigroup lifted their price target on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Truist Financial reissued a “hold” rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Evercore ISI reaffirmed an “outperform” rating and issued a $80.00 target price on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Finally, Robert W. Baird upped their price target on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, July 11th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $59.56.

Longboard Pharmaceuticals Trading Down 0.1 %

The company has a fifty day moving average of $41.68 and a two-hundred day moving average of $31.72.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same quarter last year, the firm earned ($0.65) EPS. Analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.19 EPS for the current year.

Insider Buying and Selling at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,666 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $31.64, for a total transaction of $527,312.24. Following the transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $566,988.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 50,000 shares of company stock valued at $2,090,010. 4.64% of the stock is owned by corporate insiders.

Institutional Trading of Longboard Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in LBPH. Ameritas Investment Partners Inc. increased its holdings in Longboard Pharmaceuticals by 93.3% in the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock valued at $54,000 after buying an additional 1,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Longboard Pharmaceuticals in the 2nd quarter valued at approximately $127,000. SG Americas Securities LLC acquired a new position in Longboard Pharmaceuticals during the first quarter worth $132,000. Mesirow Financial Investment Management Inc. purchased a new stake in Longboard Pharmaceuticals during the third quarter worth $221,000. Finally, Arizona State Retirement System acquired a new stake in Longboard Pharmaceuticals in the second quarter valued at $216,000. Institutional investors and hedge funds 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.