Longboard Pharmaceuticals (NASDAQ:LBPH) Lowered to Hold at Wedbush

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) was downgraded by research analysts at Wedbush from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday, Zacks.com reports.

LBPH has been the topic of a number of other research reports. Evercore ISI reaffirmed an "outperform" rating and set a $80.00 target price on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. HC Wainwright reaffirmed a "neutral" rating and issued a $60.00 target price (down previously from $80.00) on shares of Longboard Pharmaceuticals in a report on Tuesday. Cantor Fitzgerald reiterated a "neutral" rating on shares of Longboard Pharmaceuticals in a research report on Monday. Citigroup boosted their price target on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, August 2nd. Finally, B. Riley reiterated a "neutral" rating and issued a $60.00 price objective (up previously from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $59.56.

Longboard Pharmaceuticals Price Performance

Shares of LBPH stock traded up $0.32 on Monday, hitting $59.40. 2,934,586 shares of the company's stock were exchanged, compared to its average volume of 1,102,765. Longboard Pharmaceuticals has a 12 month low of $3.60 and a 12 month high of $59.47. The company has a 50 day moving average of $35.87 and a 200 day moving average of $28.31. The stock has a market cap of $2.31 billion, a P/E ratio of -26.52 and a beta of 1.22.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last posted its earnings results 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 in the previous year, the company earned ($0.65) EPS. Sell-side analysts predict that Longboard Pharmaceuticals will post -2.19 EPS for the current fiscal year.

Insider Transactions at Longboard Pharmaceuticals

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 sale, the chief marketing officer now directly owns 17,920 shares of the company's stock, valued at approximately $622,361.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 50,000 shares of company stock worth $2,090,010. Company insiders own 4.64% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. RA Capital Management L.P. bought a new stake in Longboard Pharmaceuticals in the first quarter worth approximately $71,045,000. Farallon Capital Management LLC grew its position in shares of Longboard Pharmaceuticals by 88.4% during the 1st quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company's stock worth $63,515,000 after buying an additional 1,380,000 shares during the period. Price T Rowe Associates Inc. MD increased 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 valued at $47,910,000 after acquiring an additional 591,013 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Longboard Pharmaceuticals by 119.3% during the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company's stock valued at $37,248,000 after acquiring an additional 937,998 shares during the period. Finally, Integral Health Asset Management LLC boosted its stake in Longboard Pharmaceuticals by 12.8% during the second quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company's stock worth $29,733,000 after acquiring an additional 125,000 shares in the last quarter. 63.28% of the stock is owned by institutional investors and hedge funds.

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.