Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Up 5.1%

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Wednesday, April 10th. Wedbush reissued an "outperform" rating and set a $32.00 price objective on shares of Longboard Pharmaceuticals in a research note on Wednesday, March 13th. HC Wainwright reissued a "buy" rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research note on Tuesday. Guggenheim lifted their target price on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the stock a "buy" rating in a report on Tuesday, January 2nd. Finally, Citigroup began coverage on shares of Longboard Pharmaceuticals in a report on Friday, February 16th. They issued a "buy" rating and a $40.00 target price for the company. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $39.50.

Longboard Pharmaceuticals Stock Up 5.9 %

The company has a fifty day simple moving average of $20.20 and a 200-day simple moving average of $13.81. The firm has a market cap of $648.72 million, a P/E ratio of -7.57 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last released its quarterly earnings results on Tuesday, March 12th. The company reported ($0.62) earnings per share (EPS) 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 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the business'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 transaction was disclosed in a filing with the SEC, which is available through this link. 5.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the business. TD Asset Management Inc increased its holdings in Longboard Pharmaceuticals by 149.8% during the 3rd quarter. TD Asset Management Inc now owns 121,422 shares of the company's stock worth $675,000 after purchasing an additional 72,811 shares during the period. Polar Capital Holdings Plc purchased a new position in shares of Longboard Pharmaceuticals in the 3rd quarter valued at $5,560,000. Bourgeon Capital Management LLC purchased a new position in shares of Longboard Pharmaceuticals in the 3rd quarter valued at $39,000. Goldman Sachs Group Inc. increased its holdings in shares of Longboard Pharmaceuticals by 23.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 13,699 shares of the company's stock valued at $83,000 after acquiring an additional 2,626 shares during the period. Finally, MetLife Investment Management LLC purchased a new position in shares of Longboard Pharmaceuticals in the 2nd quarter valued at $66,000. 63.28% of the stock is owned by institutional investors.

Longboard Pharmaceuticals Company Profile

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.