Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives Average Rating of “Hold” from Analysts

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) have been given an average rating of “Hold” by the nine ratings firms that are currently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $59.56.

LBPH has been the subject of a number of analyst reports. Citigroup boosted their price objective on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Wedbush lowered shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. B. Riley reaffirmed a “neutral” rating and set a $60.00 price objective (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Evercore ISI reissued an “outperform” rating and issued a $80.00 target price on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Finally, Truist Financial reaffirmed a “hold” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th.

Longboard Pharmaceuticals Trading Up 0.1 %

Longboard Pharmaceuticals stock opened at $59.95 on Friday. Longboard Pharmaceuticals has a 1 year low of $3.60 and a 1 year high of $59.95. The company has a market cap of $2.34 billion, a PE ratio of -26.88 and a beta of 1.07. The company’s 50-day moving average is $50.34 and its two-hundred day moving average is $36.53.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its earnings results on Thursday, November 7th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.04). Research analysts forecast that Longboard Pharmaceuticals will post -2.22 EPS for the current year.

Insider Buying and Selling at Longboard Pharmaceuticals

In other news, CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $59.03, for a total value of $983,853.01. Following the sale, the chief marketing officer now directly owns 17,920 shares in the company, valued at $1,057,817.60. This trade represents a 48.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in LBPH. SG Americas Securities LLC bought a new position in Longboard Pharmaceuticals in the first quarter valued at $132,000. Swiss National Bank bought a new position in shares of Longboard Pharmaceuticals in the 1st quarter valued at about $914,000. Sei Investments Co. bought a new position in shares of Longboard Pharmaceuticals in the 1st quarter valued at about $429,000. Vanguard Group Inc. grew its holdings in shares of Longboard Pharmaceuticals by 119.3% in 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 in the last quarter. Finally, Ameritas Investment Partners Inc. grew its holdings in shares of Longboard Pharmaceuticals by 93.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock valued at $54,000 after acquiring an additional 1,200 shares in the last quarter. Institutional investors own 63.28% of the company’s stock.

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.