HC Wainwright Reaffirms Buy Rating for Longboard Pharmaceuticals (NASDAQ:LBPH)

HC Wainwright reissued their buy rating on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $60.00 price target on the stock.

A number of other brokerages have also recently issued reports on LBPH. Wedbush reissued an outperform rating and issued a $32.00 price objective on shares of Longboard Pharmaceuticals in a research note on Wednesday, March 13th. Citigroup initiated coverage on Longboard Pharmaceuticals in a report on Friday, February 16th. They set a buy rating and a $40.00 price target on the stock. Cantor Fitzgerald reaffirmed an overweight rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a research note on Wednesday, April 10th. Finally, Guggenheim lifted their target price on Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a buy rating in a research note on Tuesday, January 2nd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Longboard Pharmaceuticals has an average rating of Buy and a consensus target price of $39.50.

Longboard Pharmaceuticals Stock Performance

Shares of LBPH opened at $18.01 on Tuesday. Longboard Pharmaceuticals has a 52 week low of $3.60 and a 52 week high of $28.15. The business has a 50-day simple moving average of $20.20 and a two-hundred day simple moving average of $13.81.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its earnings results on Tuesday, March 12th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). Analysts forecast that Longboard Pharmaceuticals will post -2.01 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $24.25, for a total value of $96,479,595.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 5.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in shares of Longboard Pharmaceuticals by 162.5% in the 1st quarter. FMR LLC now owns 2,900,392 shares of the company’s stock worth $11,399,000 after purchasing an additional 1,795,488 shares during the period. Polar Capital Holdings Plc purchased a new position in Longboard Pharmaceuticals during the third quarter worth $5,560,000. BlackRock Inc. increased its position in Longboard Pharmaceuticals by 2,451.9% during the second quarter. BlackRock Inc. now owns 740,603 shares of the company’s stock valued at $5,436,000 after acquiring an additional 711,581 shares during the last quarter. JPMorgan Chase & Co. bought a new position in Longboard Pharmaceuticals during the second quarter valued at $4,164,000. Finally, Jennison Associates LLC purchased a new stake in shares of Longboard Pharmaceuticals in the fourth quarter valued at $2,899,000. 63.28% of the stock is owned by institutional investors.

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.