Longboard Pharmaceuticals (NASDAQ:LBPH) Price Target Increased to $34.00 by Analysts at Wedbush

Longboard Pharmaceuticals (NASDAQ:LBPH) had its price target raised by Wedbush from $32.00 to $34.00 in a research report released on Friday, Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms have also recently issued reports on LBPH. Citigroup initiated coverage on shares of Longboard Pharmaceuticals in a research report on Friday, February 16th. They set a buy rating and a $40.00 price objective on the stock. Robert W. Baird initiated coverage on shares of Longboard Pharmaceuticals in a report on Wednesday, May 1st. They set an outperform rating and a $36.00 price objective for the company. HC Wainwright reiterated a buy rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Tuesday, April 16th. Finally, Cantor Fitzgerald restated an overweight rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Wednesday, April 10th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of Buy and an average price target of $43.67.

Longboard Pharmaceuticals Price Performance

Shares of Longboard Pharmaceuticals stock traded down $0.78 during trading on Friday, hitting $20.60. 427,902 shares of the company’s stock traded hands, compared to its average volume of 1,197,907. The business has a 50-day simple moving average of $20.08 and a 200-day simple moving average of $15.12. Longboard Pharmaceuticals has a 1 year low of $3.60 and a 1 year high of $28.15. The stock has a market capitalization of $741.95 million, a P/E ratio of -9.20 and a beta of 1.25.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Polar Capital Holdings Plc purchased a new position in shares of Longboard Pharmaceuticals during the 3rd quarter worth about $5,560,000. Jennison Associates LLC purchased a new position in shares of Longboard Pharmaceuticals during the fourth quarter valued at approximately $2,899,000. Platinum Investment Management Ltd. bought a new stake in shares of Longboard Pharmaceuticals during the 4th quarter worth approximately $766,000. Parkman Healthcare Partners LLC boosted its holdings in Longboard Pharmaceuticals by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock valued at $2,592,000 after acquiring an additional 73,935 shares during the period. Finally, TD Asset Management Inc boosted its holdings in Longboard Pharmaceuticals by 149.8% during the 3rd quarter. TD Asset Management Inc now owns 121,422 shares of the company’s stock valued at $675,000 after acquiring an additional 72,811 shares during the period. Institutional investors own 63.28% of the company’s stock.

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.