Brokerages Set Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) PT at $39.50

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) has been assigned an average rating of “Buy” from the six analysts that are covering the company, MarketBeat.com reports. Six analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have covered the stock in the last year is $39.50.

Several equities research analysts have recently weighed in on LBPH shares. HC Wainwright reaffirmed a “buy” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a report on Tuesday. Citigroup initiated coverage on shares of Longboard Pharmaceuticals in a report on Friday, February 16th. They set a “buy” rating and a $40.00 price objective on the stock. Guggenheim increased their price objective 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. Wedbush reissued an “outperform” rating and set a $32.00 price objective on shares of Longboard Pharmaceuticals in a report on Wednesday, March 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Wednesday, April 10th.

Longboard Pharmaceuticals Stock Performance

LBPH opened at $17.00 on Thursday. The firm’s 50-day simple moving average is $20.23 and its 200-day simple moving average is $13.78. Longboard Pharmaceuticals has a twelve month low of $3.60 and a twelve month high of $28.15. The firm has a market cap of $612.29 million, a price-to-earnings ratio of -7.14 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its earnings results on Tuesday, March 12th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, sell-side analysts anticipate that Longboard Pharmaceuticals will post -2.01 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the firm’s stock in a transaction dated 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 document filed with the SEC, which is available at the SEC website. Insiders own 5.57% of the company’s stock.

Institutional Trading of Longboard Pharmaceuticals

A number of hedge funds have recently modified their holdings of the company. FMR LLC raised its position in shares of Longboard Pharmaceuticals by 162.5% in the 1st quarter. FMR LLC now owns 2,900,392 shares of the company’s stock valued at $11,399,000 after acquiring an additional 1,795,488 shares during the period. Polar Capital Holdings Plc acquired a new stake in shares of Longboard Pharmaceuticals in the 3rd quarter valued at approximately $5,560,000. Vanguard Group Inc. raised its position in shares of Longboard Pharmaceuticals by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 786,433 shares of the company’s stock valued at $4,742,000 after acquiring an additional 5,360 shares during the period. BlackRock Inc. raised its position in shares of Longboard Pharmaceuticals by 2,451.9% in the 2nd quarter. BlackRock Inc. now owns 740,603 shares of the company’s stock valued at $5,436,000 after acquiring an additional 711,581 shares during the period. Finally, JPMorgan Chase & Co. acquired a new stake in shares of Longboard Pharmaceuticals in the 2nd quarter valued at approximately $4,164,000. 63.28% of the stock is currently owned by institutional investors and hedge funds.

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.