Longboard Pharmaceuticals (NASDAQ:LBPH) Stock Price Down 5.1%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Get Free Report)'s stock price traded down 5.1% during trading on Wednesday . The stock traded as low as $18.75 and last traded at $18.78. 44,946 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 1,482,566 shares. The stock had previously closed at $19.78.

Analyst Ratings Changes

A number of brokerages recently weighed in on LBPH. Wedbush reissued an "outperform" rating and issued a $32.00 price target on shares of Longboard Pharmaceuticals in a research report on Wednesday, March 13th. HC Wainwright reaffirmed a "buy" rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a report on Friday, March 15th. Guggenheim upped their target price on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a "buy" rating in a report on Tuesday, January 2nd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a report on Wednesday, March 13th. 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 investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Longboard Pharmaceuticals has a consensus rating of "Buy" and an average price target of $39.50.

Longboard Pharmaceuticals Stock Down 8.4 %

The stock has a market capitalization of $652.63 million, a PE ratio of -7.61 and a beta of 1.24. The firm's fifty day moving average is $21.07 and its 200-day moving average is $12.85.

Insider Buying and Selling

In related news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $24.25, for a total transaction of $96,479,595.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in LBPH. Citigroup Inc. grew its position in Longboard Pharmaceuticals by 67.6% during the second quarter. Citigroup Inc. now owns 4,638 shares of the company's stock worth $34,000 after buying an additional 1,870 shares during the period. California State Teachers Retirement System acquired a new position in Longboard Pharmaceuticals during the second quarter worth about $38,000. Wells Fargo & Company MN grew its position 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 buying an additional 6,053 shares during the period. Bourgeon Capital Management LLC acquired a new position in Longboard Pharmaceuticals during the third quarter worth about $39,000. Finally, MetLife Investment Management LLC acquired a new stake in shares of Longboard Pharmaceuticals in the second quarter valued at approximately $66,000. 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.