Analysts Set Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Price Target at $39.50

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) have earned a consensus rating of “Buy” from the six ratings firms that are currently covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1-year price target among brokers that have issued a report on the stock in the last year is $39.50.

Several brokerages have recently weighed in on LBPH. Wedbush reiterated an “outperform” rating and set a $32.00 target price on shares of Longboard Pharmaceuticals in a research report on Wednesday, March 13th. Guggenheim lifted their target price on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, January 2nd. Citigroup began coverage on shares of Longboard Pharmaceuticals in a research report on Friday, February 16th. They set a “buy” rating and a $40.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Friday, March 15th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Wednesday, April 10th.

Insider Buying and Selling at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the business’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $24.25, for a total value of $96,479,595.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 5.57% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

A number of large investors have recently modified their holdings of LBPH. Citigroup Inc. lifted its position in shares of Longboard Pharmaceuticals by 67.6% during the second quarter. Citigroup Inc. now owns 4,638 shares of the company’s stock worth $34,000 after purchasing an additional 1,870 shares in the last quarter. California State Teachers Retirement System acquired a new position in shares of Longboard Pharmaceuticals during the second quarter worth approximately $38,000. Bourgeon Capital Management LLC acquired a new position in shares of Longboard Pharmaceuticals during the third quarter worth approximately $39,000. Wells Fargo & Company MN lifted its position in shares of Longboard Pharmaceuticals by 6,439.4% during the second quarter. Wells Fargo & Company MN now owns 6,147 shares of the company’s stock worth $45,000 after purchasing an additional 6,053 shares in the last quarter. Finally, MetLife Investment Management LLC acquired a new position in shares of Longboard Pharmaceuticals during the second quarter worth approximately $66,000. 63.28% of the stock is currently owned by institutional investors and hedge funds.

Longboard Pharmaceuticals Stock Performance

NASDAQ:LBPH opened at $18.25 on Thursday. The firm’s 50-day moving average is $20.36 and its 200-day moving average is $13.67. Longboard Pharmaceuticals has a 52-week low of $3.60 and a 52-week 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 posted its quarterly earnings data on Tuesday, March 12th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). Equities analysts predict that Longboard Pharmaceuticals will post -2.01 EPS for the current year.

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.