Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Up 8%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Get Free Report)'s share price rose 8% on Thursday . The company traded as high as $19.83 and last traded at $19.77. Approximately 143,773 shares changed hands during trading, a decline of 90% from the average daily volume of 1,381,120 shares. The stock had previously closed at $18.31.

Wall Street Analyst Weigh In

Several research analysts have recently commented on LBPH shares. HC Wainwright reissued a "buy" rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Friday, March 15th. 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. Guggenheim raised their target price 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. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Wednesday. Finally, Citigroup assumed coverage on Longboard Pharmaceuticals in a research report on Friday, February 16th. They issued a "buy" rating and a $40.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $39.50.

Longboard Pharmaceuticals Stock Up 11.7 %

The stock has a 50-day moving average of $20.40 and a 200 day moving average of $13.32. The stock has a market cap of $736.61 million, a PE ratio of -8.13 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last released its quarterly earnings data on Tuesday, March 12th. The company reported ($0.62) earnings per share for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.02). On average, equities analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.01 EPS 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 Longboard Pharmaceuticals stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $24.25, for a total transaction of $96,479,595.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 5.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in shares of Longboard Pharmaceuticals by 69.5% in the 1st quarter. BlackRock Inc. now owns 30,669 shares of the company's stock valued at $164,000 after purchasing an additional 12,576 shares during the period. FMR LLC raised its position in shares of Longboard Pharmaceuticals by 162.5% in the first quarter. FMR LLC now owns 2,900,392 shares of the company's stock worth $11,399,000 after acquiring an additional 1,795,488 shares during the period. CIBC Asset Management Inc acquired a new position in shares of Longboard Pharmaceuticals in the first quarter worth about $225,000. Bank of New York Mellon Corp purchased a new stake in shares of Longboard Pharmaceuticals during the 2nd quarter worth about $336,000. Finally, Citigroup Inc. grew its position in shares of Longboard Pharmaceuticals by 67.6% during the 2nd quarter. Citigroup Inc. now owns 4,638 shares of the company's stock valued at $34,000 after acquiring an additional 1,870 shares during the period. Hedge funds and other institutional investors own 63.28% of the company's stock.

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.