Longboard Pharmaceuticals (NASDAQ:LBPH) Sees Strong Trading Volume - What's Next?

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Get Free Report) shares saw unusually-high trading volume on Monday . Approximately 1,147,068 shares changed hands during trading, an increase of 1% from the previous session's volume of 1,131,953 shares.The stock last traded at $59.24 and had previously closed at $59.21.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on LBPH shares. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Robert W. Baird lifted their target price on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an "outperform" rating in a research report on Thursday, July 11th. Evercore ISI reissued an "outperform" rating and issued a $80.00 price target on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. HC Wainwright reaffirmed a "neutral" rating and set a $60.00 price objective (down from $80.00) on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Finally, Wedbush downgraded shares of Longboard Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $59.56.

Longboard Pharmaceuticals Trading Up 0.2 %

The firm has a market cap of $2.31 billion, a P/E ratio of -26.47 and a beta of 1.22. The business's fifty day simple moving average is $36.79 and its 200-day simple moving average is $28.93.

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 period last year, the firm posted ($0.65) EPS. Analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.19 earnings per share for the current year.

Insider Buying and Selling at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,667 shares of the business's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $59.03, for a total transaction of $983,853.01. Following the completion of the sale, the chief marketing officer now owns 17,920 shares of the company's stock, valued at approximately $1,057,817.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders have sold 50,000 shares of company stock valued at $2,090,010. 4.64% of the stock is owned by company insiders.

Institutional Trading of Longboard Pharmaceuticals

Several hedge funds have recently modified their holdings of LBPH. Jennison Associates LLC boosted its stake in shares of Longboard Pharmaceuticals by 96.0% during the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company's stock worth $20,356,000 after purchasing an additional 461,576 shares during the period. Swiss National Bank purchased a new stake in shares of Longboard Pharmaceuticals during the 1st quarter worth $914,000. Quantbot Technologies LP bought a new stake in shares of Longboard Pharmaceuticals in the 1st quarter valued at about $310,000. Price T Rowe Associates Inc. MD boosted its stake in Longboard Pharmaceuticals by 36.3% in 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 acquiring an additional 591,013 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Longboard Pharmaceuticals by 34.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 92,664 shares of the company's stock worth $2,505,000 after buying an additional 23,774 shares during the last quarter. 63.28% of the stock is 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.