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

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) had its price objective raised by stock analysts at Wedbush from $32.00 to $34.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's price target points to a potential upside of 59.06% from the company's previous close.

Several other research analysts also recently weighed in on the company. Citigroup assumed coverage on Longboard Pharmaceuticals in a research note on Friday, February 16th. They set a "buy" rating and a $40.00 target price for the company. Robert W. Baird started coverage on Longboard Pharmaceuticals in a research note on Wednesday. They issued an "outperform" rating and a $36.00 price objective for the company. HC Wainwright reissued a "buy" rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a research note on Tuesday, April 16th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a research note on Wednesday, April 10th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $43.67.

Longboard Pharmaceuticals Price Performance

NASDAQ:LBPH traded down $1.43 during trading hours on Friday, reaching $21.38. The company had a trading volume of 482,394 shares, compared to its average volume of 1,206,861. Longboard Pharmaceuticals has a 1-year low of $3.60 and a 1-year high of $28.15. The firm has a market cap of $769.93 million, a PE ratio of -9.56 and a beta of 1.25. The business's 50 day moving average price is $20.10 and its 200-day moving average price is $14.86.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last announced 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). On average, analysts expect that Longboard Pharmaceuticals will post -2.01 earnings per share for the current fiscal year.

Institutional Trading of Longboard Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. Bourgeon Capital Management LLC purchased a new stake in Longboard Pharmaceuticals in the 3rd quarter valued at $39,000. Denali Advisors LLC purchased a new stake in Longboard Pharmaceuticals in the 1st quarter valued at $201,000. TD Asset Management Inc grew its holdings in 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 buying an additional 72,811 shares in the last quarter. Platinum Investment Management Ltd. purchased a new stake in Longboard Pharmaceuticals in the 4th quarter valued at $766,000. Finally, CIBC Asset Management Inc grew its holdings in Longboard Pharmaceuticals by 46.8% in the 4th quarter. CIBC Asset Management Inc now owns 212,178 shares of the company's stock valued at $1,279,000 after buying an additional 67,607 shares in the last quarter. 63.28% of the stock is currently owned by hedge funds and other institutional investors.

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.