Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives $59.56 Average PT from Analysts

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) have received a consensus rating of “Hold” from the nine ratings firms that are currently covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $59.56.

Several analysts have issued reports on LBPH shares. Truist Financial reissued a “hold” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. B. Riley reissued a “neutral” rating and set a $60.00 price target (up from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Evercore ISI reissued an “outperform” rating and issued a $80.00 price target on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $60.00 price objective (down from $80.00) on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th.

Insiders Place Their Bets

In other news, CMO Randall Kaye sold 16,667 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $59.03, for a total value of $983,853.01. Following the completion of the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at $1,057,817.60. This trade represents a 48.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Lord Abbett & CO. LLC boosted its stake in Longboard Pharmaceuticals by 35.7% during the third quarter. Lord Abbett & CO. LLC now owns 626,905 shares of the company’s stock worth $20,895,000 after buying an additional 164,795 shares during the period. Geode Capital Management LLC boosted its stake in shares of Longboard Pharmaceuticals by 9.3% during the 3rd quarter. Geode Capital Management LLC now owns 746,147 shares of the company’s stock worth $24,874,000 after purchasing an additional 63,756 shares during the period. Barclays PLC grew its holdings in Longboard Pharmaceuticals by 167.1% during the 3rd quarter. Barclays PLC now owns 61,806 shares of the company’s stock valued at $2,060,000 after purchasing an additional 38,669 shares during the last quarter. State Street Corp raised its position in Longboard Pharmaceuticals by 6.7% in the 3rd quarter. State Street Corp now owns 855,814 shares of the company’s stock worth $28,524,000 after purchasing an additional 53,962 shares during the period. Finally, Readystate Asset Management LP bought a new stake in Longboard Pharmaceuticals in the third quarter worth about $3,578,000. Institutional investors own 63.28% of the company’s stock.

Longboard Pharmaceuticals Stock Up 0.0 %

Shares of NASDAQ:LBPH opened at $59.98 on Tuesday. The stock has a market capitalization of $2.34 billion, a PE ratio of -26.90 and a beta of 1.00. The firm’s 50 day moving average price is $59.75 and its 200-day moving average price is $41.35. Longboard Pharmaceuticals has a twelve month low of $3.60 and a twelve month high of $60.03.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.04). Analysts expect that Longboard Pharmaceuticals will post -2.22 earnings per share for the current fiscal year.

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.