Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Given Average Recommendation of “Buy” by Brokerages

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) has been given a consensus rating of “Buy” by the six ratings firms that are presently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a buy rating. The average 12 month price target among brokers that have issued a report on the stock in the last year is $39.50.

A number of analysts have commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Friday, March 15th. Wedbush reissued an “outperform” rating and issued a $32.00 price objective on shares of Longboard Pharmaceuticals in a report on Wednesday, March 13th. Guggenheim boosted their price objective on Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, January 2nd. Citigroup began coverage on Longboard Pharmaceuticals in a report on Friday, February 16th. They issued a “buy” rating and a $40.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Wednesday, April 10th.

Longboard Pharmaceuticals Price Performance

Shares of LBPH stock opened at $18.25 on Thursday. The stock’s fifty day moving average price is $20.36 and its 200 day moving average price is $13.67. Longboard Pharmaceuticals has a 1-year low of $3.60 and a 1-year high of $28.15. The company has a market cap of $657.37 million, a price-to-earnings ratio of -7.67 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued 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). As a group, equities research analysts anticipate that Longboard Pharmaceuticals will post -2.01 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the company’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $24.25, for a total value of $96,479,595.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Several large investors have recently bought and sold shares of LBPH. FMR LLC increased its stake in Longboard Pharmaceuticals by 162.5% during the 1st quarter. FMR LLC now owns 2,900,392 shares of the company’s stock worth $11,399,000 after buying an additional 1,795,488 shares in the last quarter. Polar Capital Holdings Plc purchased a new stake in Longboard Pharmaceuticals during the 3rd quarter worth approximately $5,560,000. BlackRock Inc. increased its stake in Longboard Pharmaceuticals by 2,451.9% during the 2nd quarter. BlackRock Inc. now owns 740,603 shares of the company’s stock worth $5,436,000 after buying an additional 711,581 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in Longboard Pharmaceuticals during the 2nd quarter worth approximately $4,164,000. Finally, Jennison Associates LLC purchased a new stake in shares of Longboard Pharmaceuticals in the fourth quarter valued at approximately $2,899,000. 63.28% of the stock is currently owned by hedge funds and other institutional investors.

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.