Longboard Pharmaceuticals Sees Unusually Large Options Volume (NASDAQ:LBPH)

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Get Free Report) saw unusually large options trading on Monday. Traders bought 4,265 call options on the company. This represents an increase of 1,960% compared to the average volume of 207 call options.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. B. Riley reaffirmed a "neutral" rating and issued a $60.00 price objective (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday. HC Wainwright lifted their price target on Longboard Pharmaceuticals from $60.00 to $80.00 and gave the company a "buy" rating in a report on Wednesday, September 18th. Truist Financial started coverage on shares of Longboard Pharmaceuticals in a report on Tuesday, September 10th. They set a "buy" rating and a $60.00 price objective on the stock. Wedbush raised their target price on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 17th. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $61.78.

Longboard Pharmaceuticals Stock Performance

Shares of Longboard Pharmaceuticals stock traded up $20.09 during trading on Monday, reaching $58.99. The company had a trading volume of 43,080,528 shares, compared to its average volume of 1,076,273. Longboard Pharmaceuticals has a fifty-two week low of $3.60 and a fifty-two week high of $59.12. The firm's fifty day moving average is $34.89 and its 200-day moving average is $27.83. The company has a market cap of $2.29 billion, a price-to-earnings ratio of -26.33 and a beta of 1.22.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last announced its quarterly earnings data 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 company earned ($0.65) EPS. On average, research analysts anticipate that Longboard Pharmaceuticals will post -2.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the firm's 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 completion of the transaction, the chief marketing officer now directly owns 17,920 shares in the company, valued at approximately $566,988.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.64% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. RA Capital Management L.P. acquired a new stake in Longboard Pharmaceuticals in the first quarter worth approximately $71,045,000. Farallon Capital Management LLC lifted its holdings in shares of Longboard Pharmaceuticals by 88.4% in the first quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company's stock valued at $63,515,000 after buying an additional 1,380,000 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Longboard Pharmaceuticals by 36.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company's stock valued at $47,910,000 after buying an additional 591,013 shares in the last quarter. Vanguard Group Inc. grew its holdings in Longboard Pharmaceuticals by 119.3% during the first quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company's stock worth $37,248,000 after acquiring an additional 937,998 shares during the period. Finally, Integral Health Asset Management LLC raised its position in Longboard Pharmaceuticals by 12.8% in 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. 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.