Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives Average Rating of "Hold" from Brokerages

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Get Free Report) has been given an average rating of "Hold" by the nine research firms 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 1-year price objective among brokers that have updated their coverage on the stock in the last year is $59.56.

LBPH has been the topic of several research reports. Cantor Fitzgerald reissued a "neutral" rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Evercore ISI reissued an "outperform" rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Robert W. Baird lifted their price target on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an "outperform" rating in a research note on Thursday, July 11th. Truist Financial reissued a "hold" rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Finally, B. Riley reaffirmed a "neutral" rating and issued a $60.00 target price (up from $45.00) on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th.

Insider Activity at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,666 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $31.64, for a total transaction of $527,312.24. Following the sale, the chief marketing officer now directly owns 17,920 shares of the company's stock, valued at approximately $566,988.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have sold 50,000 shares of company stock valued at $2,090,010. 4.64% of the stock is owned by insiders.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC lifted its stake in Longboard Pharmaceuticals by 96.0% during the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company's stock valued at $20,356,000 after acquiring an additional 461,576 shares during the period. Swiss National Bank bought a new position in Longboard Pharmaceuticals during the 1st quarter valued at about $914,000. Quantbot Technologies LP bought a new position in Longboard Pharmaceuticals during the 1st quarter valued at about $310,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Longboard Pharmaceuticals by 36.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company's stock worth $47,910,000 after purchasing an additional 591,013 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Longboard Pharmaceuticals by 34.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 92,664 shares of the company's stock worth $2,505,000 after purchasing an additional 23,774 shares during the period. Institutional investors own 63.28% of the company's stock.

Longboard Pharmaceuticals Stock Performance

LBPH traded up $0.08 on Monday, reaching $59.68. The company had a trading volume of 949,596 shares, compared to its average volume of 1,142,328. The business has a 50 day simple moving average of $39.24 and a 200 day simple moving average of $30.38. The company has a market cap of $2.32 billion, a price-to-earnings ratio of -26.64 and a beta of 1.22. Longboard Pharmaceuticals has a 52-week low of $3.60 and a 52-week high of $59.79.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.10). During the same quarter last year, the firm earned ($0.65) EPS. As a group, equities research analysts predict that Longboard Pharmaceuticals will post -2.19 EPS for the current fiscal year.

About Longboard Pharmaceuticals

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.