Denali Advisors LLC Invests $201,000 in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Denali Advisors LLC acquired a new stake in shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 9,300 shares of the company’s stock, valued at approximately $201,000.

Several other hedge funds also recently bought and sold shares of the company. Platinum Investment Management Ltd. bought a new stake in Longboard Pharmaceuticals during the fourth quarter valued at approximately $766,000. CIBC Asset Management Inc lifted its holdings in shares of Longboard Pharmaceuticals by 46.8% in the 4th quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock worth $1,279,000 after acquiring an additional 67,607 shares during the last quarter. Parkman Healthcare Partners LLC lifted its holdings in shares of Longboard Pharmaceuticals by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock worth $2,592,000 after acquiring an additional 73,935 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Longboard Pharmaceuticals in the 4th quarter worth approximately $2,899,000. Finally, Polar Capital Holdings Plc bought a new stake in shares of Longboard Pharmaceuticals in the 3rd quarter worth approximately $5,560,000. Hedge funds and other institutional investors own 63.28% of the company’s stock.

Analysts Set New Price Targets

LBPH has been the topic of a number of research analyst reports. HC Wainwright reissued a “buy” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Tuesday, June 11th. Cantor Fitzgerald raised their price objective on shares of Longboard Pharmaceuticals from $60.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday. Wedbush raised their price target on Longboard Pharmaceuticals from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Evercore ISI lifted their price objective on Longboard Pharmaceuticals from $57.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Robert W. Baird began coverage on Longboard Pharmaceuticals in a report on Wednesday, May 1st. They issued an “outperform” rating and a $36.00 target price for the company. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Longboard Pharmaceuticals presently has an average rating of “Buy” and an average target price of $51.63.

Longboard Pharmaceuticals Stock Performance

Shares of LBPH traded up $1.17 during midday trading on Wednesday, hitting $31.91. 521,595 shares of the stock were exchanged, compared to its average volume of 963,313. Longboard Pharmaceuticals, Inc. has a 52-week low of $3.60 and a 52-week high of $33.74. The stock has a fifty day simple moving average of $20.47 and a 200 day simple moving average of $19.74. The firm has a market cap of $1.24 billion, a P/E ratio of -14.74 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.06. As a group, equities research analysts forecast that Longboard Pharmaceuticals, Inc. will post -1.82 EPS for the current fiscal 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.