Longboard Pharmaceuticals (NASDAQ:LBPH) Given "Buy" Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Longboard Pharmaceuticals (NASDAQ:LBPH - Free Report) in a research report released on Tuesday, Benzinga reports. They currently have a $60.00 price objective on the stock.

LBPH has been the topic of a number of other reports. Cantor Fitzgerald reaffirmed an overweight rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Wednesday, April 10th. Citigroup started coverage on Longboard Pharmaceuticals in a report on Friday, February 16th. They issued a buy rating and a $40.00 price objective on the stock. Guggenheim upped their price objective on Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a buy rating in a report on Tuesday, January 2nd. Finally, Wedbush reaffirmed an outperform rating and issued a $32.00 price objective on shares of Longboard Pharmaceuticals in a report on Wednesday, March 13th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of Buy and an average target price of $39.50.

Longboard Pharmaceuticals Price Performance

NASDAQ LBPH remained flat at $18.25 during trading on Tuesday. The company's stock had a trading volume of 281,236 shares, compared to its average volume of 1,348,732. The firm has a market cap of $657.37 million, a P/E ratio of -7.67 and a beta of 1.24. The company has a 50 day moving average price of $20.30 and a 200-day moving average price of $13.76. Longboard Pharmaceuticals has a 12-month low of $3.60 and a 12-month high of $28.15.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last announced its quarterly earnings data on Tuesday, March 12th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.02). Sell-side analysts expect that Longboard Pharmaceuticals will post -2.01 EPS for the current year.

Insider Activity at Longboard Pharmaceuticals

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 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 hyperlink. 5.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Citigroup Inc. increased its position in 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 buying an additional 1,870 shares in the last quarter. California State Teachers Retirement System bought a new stake in shares of Longboard Pharmaceuticals in the 2nd quarter worth $38,000. Bourgeon Capital Management LLC bought a new stake in shares of Longboard Pharmaceuticals in the 3rd quarter worth $39,000. Wells Fargo & Company MN increased its holdings in shares of Longboard Pharmaceuticals by 6,439.4% in the 2nd quarter. Wells Fargo & Company MN now owns 6,147 shares of the company's stock worth $45,000 after purchasing an additional 6,053 shares in the last quarter. Finally, MetLife Investment Management LLC bought a new stake in shares of Longboard Pharmaceuticals in the 2nd quarter worth $66,000. 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.