Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Gap Up to $21.30

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $21.30, but opened at $22.20. Longboard Pharmaceuticals shares last traded at $21.50, with a volume of 36,790 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a research note on Wednesday, April 10th. Robert W. Baird started coverage on Longboard Pharmaceuticals in a research report on Wednesday. They issued an “outperform” rating and a $36.00 price target on the stock. Citigroup assumed coverage on Longboard Pharmaceuticals in a research report on Friday, February 16th. They set a “buy” rating and a $40.00 price objective for the company. Guggenheim lifted their target price on Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, January 2nd. Finally, Wedbush restated an “outperform” rating and set a $32.00 price target on shares of Longboard Pharmaceuticals in a research note on Wednesday, March 13th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Longboard Pharmaceuticals presently has an average rating of “Buy” and an average target price of $43.33.

Longboard Pharmaceuticals Trading Down 2.4 %

The business has a 50 day moving average price of $20.05 and a 200-day moving average price of $14.76. The firm has a market capitalization of $748.86 million, a PE ratio of -8.95 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its 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). On average, equities research analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.01 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Polar Capital Holdings Plc acquired a new stake in shares of Longboard Pharmaceuticals in the 3rd quarter worth approximately $5,560,000. Jennison Associates LLC acquired a new position in Longboard Pharmaceuticals during the fourth quarter worth $2,899,000. Parkman Healthcare Partners LLC boosted its position in Longboard Pharmaceuticals by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock worth $2,592,000 after purchasing an additional 73,935 shares in the last quarter. CIBC Asset Management Inc grew 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 valued at $1,279,000 after purchasing an additional 67,607 shares during the last quarter. Finally, Platinum Investment Management Ltd. purchased a new position in shares of Longboard Pharmaceuticals in the fourth quarter valued at $766,000. 63.28% of the stock is currently owned by institutional investors and hedge funds.

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.