Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Down 5.7%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Get Free Report)'s stock price dropped 5.7% on Friday . The stock traded as low as $21.27 and last traded at $21.50. Approximately 358,602 shares were traded during trading, a decline of 70% from the average daily volume of 1,205,339 shares. The stock had previously closed at $22.81.

Analysts Set New Price Targets

A number of analysts recently weighed in on LBPH shares. Robert W. Baird assumed coverage on shares of Longboard Pharmaceuticals in a research report on Wednesday. They issued an "outperform" rating and a $36.00 price objective on the stock. Citigroup started coverage on shares of Longboard Pharmaceuticals in a research report on Friday, February 16th. They set a "buy" rating and a $40.00 price target for the company. Wedbush increased their target price on shares of Longboard Pharmaceuticals from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Friday. HC Wainwright reiterated a "buy" rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Tuesday, April 16th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Friday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $43.67.

Longboard Pharmaceuticals Stock Performance

The stock has a market capitalization of $769.93 million, a price-to-earnings ratio of -9.56 and a beta of 1.25. The firm has a fifty day moving average of $20.10 and a 200-day moving average of $14.86.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last issued its 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, analysts predict that Longboard Pharmaceuticals, Inc. will post -2.01 EPS for the current year.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several institutional investors have recently bought and sold shares of the stock. Polar Capital Holdings Plc bought a new position in Longboard Pharmaceuticals in the 3rd quarter valued at $5,560,000. Jennison Associates LLC bought a new position in shares of Longboard Pharmaceuticals in the 4th quarter valued at about $2,899,000. Platinum Investment Management Ltd. bought a new position in shares of Longboard Pharmaceuticals during the fourth quarter worth approximately $766,000. Parkman Healthcare Partners LLC grew its position in shares of Longboard Pharmaceuticals by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company's stock worth $2,592,000 after purchasing an additional 73,935 shares in the last quarter. Finally, TD Asset Management Inc raised its position in shares of Longboard Pharmaceuticals by 149.8% in the 3rd quarter. TD Asset Management Inc now owns 121,422 shares of the company's stock valued at $675,000 after buying an additional 72,811 shares in the last quarter. 63.28% of the stock is currently 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.

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