Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Rating Reaffirmed by HC Wainwright

HC Wainwright reiterated their buy rating on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a research report released on Tuesday morning, Benzinga reports. HC Wainwright currently has a $60.00 price objective on the stock.

A number of other analysts also recently issued reports on the stock. Guggenheim increased their price target on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the stock a buy rating in a report on Tuesday, January 2nd. Citigroup initiated coverage on shares of Longboard Pharmaceuticals in a research report on Friday, February 16th. They issued a buy rating and a $40.00 price objective for the company. Cantor Fitzgerald restated an overweight rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Wednesday, April 10th. Finally, Wedbush reaffirmed an outperform rating and issued a $32.00 price target on shares of Longboard Pharmaceuticals in a report on Wednesday, March 13th. 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 price target 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 stock’s 50-day moving average price is $20.20 and its 200-day moving average price is $13.81.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly 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). Research analysts predict that Longboard Pharmaceuticals will post -2.01 EPS for the current fiscal year.

Insider Buying and Selling at Longboard Pharmaceuticals

In other news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of Longboard Pharmaceuticals stock in a transaction dated 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 document filed with the SEC, which is accessible through the SEC website. Insiders own 5.57% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the company. FMR LLC increased its position in shares of Longboard Pharmaceuticals by 162.5% during the first 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 in the last quarter. Polar Capital Holdings Plc purchased a new position in Longboard Pharmaceuticals in the 3rd quarter valued at $5,560,000. Vanguard Group Inc. boosted its stake in Longboard Pharmaceuticals by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 786,433 shares of the company’s stock worth $4,742,000 after purchasing an additional 5,360 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Longboard Pharmaceuticals by 2,451.9% during the second quarter. BlackRock Inc. now owns 740,603 shares of the company’s stock worth $5,436,000 after buying an additional 711,581 shares in the last quarter. Finally, JPMorgan Chase & Co. acquired a new stake in shares of Longboard Pharmaceuticals in the second quarter valued at about $4,164,000. Institutional investors and hedge funds 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.