Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Up 6.2%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Get Free Report)'s share price shot up 6.2% during mid-day trading on Monday . The stock traded as high as $21.15 and last traded at $20.94. 110,304 shares were traded during mid-day trading, a decline of 91% from the average session volume of 1,243,382 shares. The stock had previously closed at $19.72.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Wednesday, April 10th. Citigroup started coverage on Longboard Pharmaceuticals in a report on Friday, February 16th. They set a "buy" rating and a $40.00 price objective on the stock. Guggenheim upped their target price on Longboard Pharmaceuticals from $16.00 to $32.00 and gave the stock a "buy" rating in a report on Tuesday, January 2nd. Wedbush reissued an "outperform" rating and set a $32.00 price target on shares of Longboard Pharmaceuticals in a research report on Wednesday, March 13th. Finally, HC Wainwright restated a "buy" rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Tuesday, April 16th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $44.80.

Longboard Pharmaceuticals Price Performance

The company has a market cap of $764.70 million, a PE ratio of -8.92 and a beta of 1.24. The business has a fifty day simple moving average of $20.04 and a two-hundred day simple moving average of $14.64.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last released 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, Inc. will post -2.01 EPS for the current year.

Institutional Trading of Longboard Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Bourgeon Capital Management LLC purchased a new stake in shares of Longboard Pharmaceuticals during the 3rd quarter valued at $39,000. Denali Advisors LLC acquired a new position in Longboard Pharmaceuticals during the 1st quarter valued at about $201,000. CIBC Asset Management Inc raised its stake in Longboard Pharmaceuticals by 46.8% in the fourth 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 during the last quarter. TD Asset Management Inc boosted its holdings in Longboard Pharmaceuticals by 149.8% in the third quarter. TD Asset Management Inc now owns 121,422 shares of the company's stock worth $675,000 after acquiring an additional 72,811 shares in the last quarter. Finally, Parkman Healthcare Partners LLC boosted its holdings in Longboard Pharmaceuticals by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company's stock worth $2,592,000 after acquiring an additional 73,935 shares in the last quarter. 63.28% of the stock is owned by hedge funds and other 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.