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

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

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

Longboard Pharmaceuticals Stock Down 3.2 %

Shares of NASDAQ:LBPH opened at $17.44 on Tuesday. The firm’s 50 day simple moving average is $20.16 and its 200-day simple moving average is $13.90. Longboard Pharmaceuticals has a one year low of $3.60 and a one year high of $28.15.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings data 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). As a group, equities analysts expect that Longboard Pharmaceuticals will post -2.01 earnings per share for the current year.

Insider Buying and Selling at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the firm’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 5.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC raised its holdings 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 during the last quarter. Polar Capital Holdings Plc purchased a new position in shares of Longboard Pharmaceuticals during the third quarter worth $5,560,000. Vanguard Group Inc. raised its holdings in shares of Longboard Pharmaceuticals by 0.7% during the fourth 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. increased 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 buying an additional 711,581 shares in the last quarter. Finally, JPMorgan Chase & Co. purchased a new position in Longboard Pharmaceuticals in the second quarter valued at $4,164,000. Hedge funds and other 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.