Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Up 5.1%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares were up 5.1% on Thursday . The company traded as high as $17.86 and last traded at $17.86. Approximately 157,720 shares changed hands during trading, a decline of 88% from the average daily volume of 1,322,907 shares. The stock had previously closed at $17.00.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on LBPH shares. HC Wainwright restated a “buy” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Tuesday. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Wednesday, April 10th. Guggenheim boosted their price target on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, January 2nd. Citigroup began coverage on shares of Longboard Pharmaceuticals in a report on Friday, February 16th. They issued a “buy” rating and a $40.00 price target for the company. Finally, Wedbush reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Longboard Pharmaceuticals in a research report on Wednesday, March 13th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Longboard Pharmaceuticals has a consensus rating of “Buy” and an average target price of $39.50.

Longboard Pharmaceuticals Price Performance

The business’s 50-day moving average price is $20.16 and its 200-day moving average price is $13.90.

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

Insiders Place Their Bets

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

Institutional Trading of Longboard Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the business. TD Asset Management Inc lifted its stake in shares of Longboard Pharmaceuticals by 149.8% in the 3rd quarter. TD Asset Management Inc now owns 121,422 shares of the company’s stock valued at $675,000 after purchasing an additional 72,811 shares during the period. Polar Capital Holdings Plc acquired a new position in shares of Longboard Pharmaceuticals in the 3rd quarter valued at $5,560,000. Bourgeon Capital Management LLC acquired a new position in shares of Longboard Pharmaceuticals in the 3rd quarter valued at $39,000. BlackRock Inc. lifted its stake in shares of Longboard Pharmaceuticals by 2,451.9% in the 2nd quarter. BlackRock Inc. now owns 740,603 shares of the company’s stock valued at $5,436,000 after purchasing an additional 711,581 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Longboard Pharmaceuticals by 37.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 38,803 shares of the company’s stock valued at $285,000 after purchasing an additional 10,554 shares during the period. 63.28% of the stock is currently owned by institutional investors and hedge funds.

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.