Analysts Set Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Price Target at $59.56

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) has earned an average recommendation of “Hold” from the nine brokerages that are presently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $59.56.

A number of research analysts recently commented on the stock. HC Wainwright reaffirmed a “neutral” rating and issued a $60.00 price target (down previously from $80.00) on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Wedbush cut Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Cantor Fitzgerald restated a “neutral” rating on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Evercore ISI reaffirmed an “outperform” rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Finally, B. Riley reissued a “neutral” rating and issued a $60.00 target price (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th.

Longboard Pharmaceuticals Price Performance

Shares of LBPH opened at $59.98 on Tuesday. The business’s 50 day simple moving average is $59.75 and its 200-day simple moving average is $41.67. Longboard Pharmaceuticals has a 1 year low of $3.60 and a 1 year high of $60.03. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -26.90 and a beta of 1.00.

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

Insider Buying and Selling

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,667 shares of the company’s stock in a transaction 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 in the company, valued at approximately $1,057,817.60. This represents a 48.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.64% of the stock is owned by insiders.

Institutional Trading of Longboard Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its position in Longboard Pharmaceuticals by 34.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 92,664 shares of the company’s stock valued at $2,505,000 after purchasing an additional 23,774 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Longboard Pharmaceuticals during the second quarter valued at approximately $127,000. Rhumbline Advisers increased its holdings in Longboard Pharmaceuticals by 41.7% during the second quarter. Rhumbline Advisers now owns 42,476 shares of the company’s stock valued at $1,148,000 after buying an additional 12,500 shares during the period. TD Asset Management Inc raised its stake in Longboard Pharmaceuticals by 23.7% in the second quarter. TD Asset Management Inc now owns 174,188 shares of the company’s stock worth $4,708,000 after buying an additional 33,400 shares in the last quarter. Finally, Arizona State Retirement System purchased a new stake in Longboard Pharmaceuticals during the second quarter worth $216,000. 63.28% of the stock is currently owned by 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.