Longboard Pharmaceuticals (NASDAQ:LBPH) Trading 6.2% Higher

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shot up 6.2% on Monday . The stock traded as high as $21.15 and last traded at $20.94. 110,304 shares were traded during trading, a decline of 91% from the average session volume of 1,243,382 shares. The stock had previously closed at $19.72.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on LBPH shares. HC Wainwright reissued a “buy” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Tuesday, April 16th. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Wednesday, April 10th. Citigroup started coverage on shares of Longboard Pharmaceuticals in a research note on Friday, February 16th. They issued a “buy” rating and a $40.00 price target on the stock. Wedbush reissued an “outperform” rating and issued a $32.00 price target on shares of Longboard Pharmaceuticals in a research note on Wednesday, March 13th. Finally, Guggenheim upped their target price on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, January 2nd. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $44.80.

Longboard Pharmaceuticals Trading Up 7.7 %

The company has a market cap of $764.70 million, a price-to-earnings ratio of -8.84 and a beta of 1.24. The firm’s fifty day simple moving average is $20.04 and its 200 day simple moving average is $14.53.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of LBPH. TD Asset Management Inc boosted its holdings in shares of Longboard Pharmaceuticals by 149.8% in the 3rd quarter. TD Asset Management Inc now owns 121,422 shares of the company’s stock valued at $675,000 after buying an additional 72,811 shares in the last quarter. Bourgeon Capital Management LLC acquired a new stake in Longboard Pharmaceuticals during the 3rd quarter worth $39,000. Polar Capital Holdings Plc acquired a new stake in Longboard Pharmaceuticals during the 3rd quarter worth $5,560,000. Jennison Associates LLC acquired a new stake in Longboard Pharmaceuticals during the 4th quarter worth $2,899,000. Finally, CIBC Asset Management Inc raised its position in Longboard Pharmaceuticals by 46.8% during the 4th quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock worth $1,279,000 after buying an additional 67,607 shares during the last quarter. 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.