Longboard Pharmaceuticals’ (LBPH) Buy Rating Reaffirmed at HC Wainwright

Longboard Pharmaceuticals (NASDAQ:LBPH)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $60.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 252.94% from the company’s previous close.

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

Longboard Pharmaceuticals Stock Down 6.8 %

Longboard Pharmaceuticals stock opened at $17.00 on Tuesday. The firm has a market capitalization of $612.29 million, a PE ratio of -7.14 and a beta of 1.24. Longboard Pharmaceuticals has a 52 week low of $3.60 and a 52 week high of $28.15. The firm’s 50-day simple moving average is $20.23 and its 200 day simple moving average is $13.78.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its earnings results on Tuesday, March 12th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). On average, research analysts expect that Longboard Pharmaceuticals will post -2.01 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $24.25, for a total value of $96,479,595.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.57% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

A number of institutional investors have recently bought and sold shares of LBPH. 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 valued at $11,399,000 after purchasing an additional 1,795,488 shares during the last quarter. Polar Capital Holdings Plc purchased a new position in shares of Longboard Pharmaceuticals in the 3rd quarter worth $5,560,000. BlackRock Inc. boosted its holdings in Longboard Pharmaceuticals by 2,451.9% in 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. purchased a new stake in Longboard Pharmaceuticals during the second quarter valued at about $4,164,000. Finally, Jennison Associates LLC acquired a new stake in Longboard Pharmaceuticals during the fourth quarter worth about $2,899,000. 63.28% of the stock is currently owned by hedge funds and other 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.