Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Short Interest Up 32.4% in March

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Get Free Report) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 4,950,000 shares, an increase of 32.4% from the March 15th total of 3,740,000 shares. Currently, 14.9% of the company's stock are short sold. Based on an average trading volume of 644,800 shares, the short-interest ratio is presently 7.7 days.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Wednesday. Wedbush reiterated an "outperform" rating and set a $32.00 price target on shares of Longboard Pharmaceuticals in a research note on Wednesday, March 13th. Guggenheim increased their price objective on Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a "buy" rating in a report on Tuesday, January 2nd. Citigroup started coverage on Longboard Pharmaceuticals in a report on Friday, February 16th. They issued a "buy" rating and a $40.00 target price for the company. Finally, HC Wainwright reiterated a "buy" rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Friday, March 15th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $39.50.

Longboard Pharmaceuticals Stock Performance

Shares of LBPH traded down $1.25 during trading hours on Friday, reaching $19.20. 547,013 shares of the company traded hands, compared to its average volume of 452,208. The stock's fifty day moving average is $20.38 and its 200 day moving average is $13.52. Longboard Pharmaceuticals has a 1-year low of $3.60 and a 1-year high of $28.15. The stock has a market cap of $691.53 million, a P/E ratio of -8.07 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last posted its quarterly 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). On average, equities research analysts predict that Longboard Pharmaceuticals will post -2.01 EPS for the current year.

Insider Buying and Selling

In other Longboard Pharmaceuticals news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the company's stock in a transaction dated Thursday, January 25th. The stock was 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 available through this hyperlink. 5.57% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Citigroup Inc. lifted its holdings in shares of Longboard Pharmaceuticals by 67.6% during the 2nd quarter. Citigroup Inc. now owns 4,638 shares of the company's stock worth $34,000 after acquiring an additional 1,870 shares during the period. California State Teachers Retirement System bought a new position in Longboard Pharmaceuticals during the second quarter worth about $38,000. Wells Fargo & Company MN lifted its stake in Longboard Pharmaceuticals by 6,439.4% during the second quarter. Wells Fargo & Company MN now owns 6,147 shares of the company's stock worth $45,000 after purchasing an additional 6,053 shares during the period. Bourgeon Capital Management LLC acquired a new stake in Longboard Pharmaceuticals during the third quarter valued at approximately $39,000. Finally, MetLife Investment Management LLC bought a new stake in shares of Longboard Pharmaceuticals in the 2nd quarter valued at approximately $66,000. 63.28% of the stock is owned by 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.