Longboard Pharmaceuticals (NASDAQ:LBPH) Reaches New 52-Week High - Should You Buy?

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Get Free Report) shares reached a new 52-week high on Friday . The company traded as high as $59.95 and last traded at $59.72, with a volume of 180475 shares. The stock had previously closed at $59.72.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LBPH. Robert W. Baird lifted their price objective on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an "outperform" rating in a research report on Thursday, July 11th. Evercore ISI reissued an "outperform" rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Cantor Fitzgerald restated a "neutral" rating on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Wedbush cut shares of Longboard Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 14th. Finally, B. Riley restated a "neutral" rating and set a $60.00 price target (up previously from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $59.56.

Longboard Pharmaceuticals Price Performance

The firm has a market cap of $2.32 billion, a PE ratio of -27.75 and a beta of 1.22. The company's 50 day moving average price is $41.18 and its 200 day moving average price is $31.34.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) EPS for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.10). During the same period last year, the business earned ($0.65) earnings per share. Sell-side analysts expect that Longboard Pharmaceuticals, Inc. will post -2.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CMO Randall Kaye sold 16,667 shares of the company's stock in a transaction on Monday, August 12th. The shares were sold at an average price of $34.73, for a total value of $578,844.91. Following the completion of the transaction, the chief marketing officer now owns 17,920 shares in the company, valued at approximately $622,361.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 50,000 shares of company stock valued at $2,090,010. 4.64% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Emerald Advisers LLC grew its position in Longboard Pharmaceuticals by 199.2% in the 3rd quarter. Emerald Advisers LLC now owns 683,642 shares of the company's stock valued at $22,786,000 after buying an additional 455,119 shares during the last quarter. Emerald Mutual Fund Advisers Trust increased its stake in shares of Longboard Pharmaceuticals by 128.5% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 419,462 shares of the company's stock worth $13,981,000 after acquiring an additional 235,885 shares during the period. SG Americas Securities LLC purchased a new position in Longboard Pharmaceuticals during the third quarter worth about $350,000. Driehaus Capital Management LLC lifted its position in Longboard Pharmaceuticals by 25.8% in the second quarter. Driehaus Capital Management LLC now owns 488,793 shares of the company's stock valued at $13,212,000 after purchasing an additional 100,321 shares during the period. Finally, Lynx1 Capital Management LP purchased a new stake in shares of Longboard Pharmaceuticals in the second quarter valued at approximately $4,523,000. Hedge funds and other institutional investors 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.