Brokerages Set Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Target Price at $39.50

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Get Free Report) have been assigned a consensus rating of "Buy" from the six analysts that are covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $39.50.

LBPH has been the subject of a number of research reports. HC Wainwright reissued a "buy" rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a research note on Friday, March 15th. Wedbush restated an "outperform" rating and set a $32.00 target price on shares of Longboard Pharmaceuticals in a research report on Wednesday, March 13th. Citigroup began coverage on Longboard Pharmaceuticals in a report on Friday, February 16th. They issued a "buy" rating and a $40.00 price objective for the company. Guggenheim upped their price target on Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a "buy" rating in a research report on Tuesday, January 2nd. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Wednesday.

Insider Activity at Longboard Pharmaceuticals

In other news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $24.25, for a total transaction of $96,479,595.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several hedge funds have recently made changes to their positions in LBPH. FMR LLC lifted its stake in Longboard Pharmaceuticals by 162.5% in the 1st quarter. FMR LLC now owns 2,900,392 shares of the company's stock valued at $11,399,000 after buying an additional 1,795,488 shares in the last quarter. Polar Capital Holdings Plc acquired a new stake in Longboard Pharmaceuticals in the 3rd quarter valued at approximately $5,560,000. Vanguard Group Inc. increased its holdings in Longboard Pharmaceuticals by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 786,433 shares of the company's stock valued at $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 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 last quarter. Finally, JPMorgan Chase & Co. acquired a new stake in Longboard Pharmaceuticals in the 2nd quarter valued at approximately $4,164,000. 63.28% of the stock is owned by institutional investors and hedge funds.

Longboard Pharmaceuticals Price Performance

NASDAQ LBPH traded up $2.14 on Thursday, reaching $20.45. The stock had a trading volume of 590,208 shares, compared to its average volume of 1,388,280. The firm has a fifty day moving average of $20.39 and a two-hundred day moving average of $13.37. Longboard Pharmaceuticals has a 1-year low of $3.60 and a 1-year high of $28.15. The company has a market cap of $736.61 million, a P/E ratio of -8.59 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last posted its earnings results on Tuesday, March 12th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). Research analysts predict that Longboard Pharmaceuticals will post -2.01 EPS for the current fiscal year.

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.