Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Down 6.2% - Here's Why

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Get Free Report) were down 6.2% during trading on Monday . The company traded as low as $33.61 and last traded at $33.98. Approximately 492,529 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 862,607 shares. The stock had previously closed at $36.22.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on LBPH shares. Truist Financial assumed coverage on Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They issued a "buy" rating and a $60.00 price objective for the company. 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 raised their target price on shares of Longboard Pharmaceuticals from $60.00 to $80.00 and gave the stock a "buy" rating in a report on Wednesday, September 18th. Wedbush raised their price target on Longboard Pharmaceuticals from $40.00 to $44.00 and gave the company an "outperform" rating in a report on Tuesday, September 17th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $90.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, September 16th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $60.11.

Longboard Pharmaceuticals Price Performance

The stock has a market capitalization of $1.30 billion, a P/E ratio of -15.79 and a beta of 1.22. The firm has a 50-day simple moving average of $34.27 and a 200 day simple moving average of $27.05.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last issued its quarterly 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 quarter last year, the company posted ($0.65) EPS. Sell-side analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CMO Randall Kaye sold 16,666 shares of the business's stock in a transaction on Monday, September 16th. The shares were sold at an average price of $31.64, for a total value of $527,312.24. Following the completion of the sale, the chief marketing officer now owns 17,920 shares of the company's stock, valued at approximately $566,988.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.64% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. RA Capital Management L.P. bought a new position in Longboard Pharmaceuticals in the 1st quarter worth about $71,045,000. Farallon Capital Management LLC boosted its stake in Longboard Pharmaceuticals by 88.4% during the first 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 in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 worth $47,910,000 after buying an additional 591,013 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Longboard Pharmaceuticals by 119.3% during the first 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 raised its position in shares of Longboard Pharmaceuticals by 12.8% in the 2nd quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company's stock valued at $29,733,000 after acquiring an additional 125,000 shares during the period. 63.28% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.