HC Wainwright Reiterates “Buy” Rating for Longboard Pharmaceuticals (NASDAQ:LBPH)

Longboard Pharmaceuticals (NASDAQ:LBPH)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a report released on Tuesday, Benzinga reports. They presently have a $60.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 252.94% from the company’s previous close.

LBPH has been the subject of a number of other research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Wednesday, April 10th. Wedbush restated an “outperform” rating and set a $32.00 price target on shares of Longboard Pharmaceuticals in a report on Wednesday, March 13th. 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, Citigroup assumed coverage on Longboard Pharmaceuticals in a research note on Friday, February 16th. They set a “buy” rating and a $40.00 target price for the company. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Longboard Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $39.50.

Longboard Pharmaceuticals Price Performance

LBPH opened at $17.00 on Tuesday. The firm has a market capitalization of $612.29 million, a price-to-earnings ratio of -7.14 and a beta of 1.24. The company’s 50 day simple moving average is $20.23 and its two-hundred day simple moving average is $13.78. Longboard Pharmaceuticals has a 1-year low of $3.60 and a 1-year high of $28.15.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings data on Tuesday, March 12th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). On average, equities analysts anticipate that Longboard Pharmaceuticals will post -2.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Longboard Pharmaceuticals

In other news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the firm’s stock in a transaction on 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.57% of the stock is owned by corporate insiders.

Institutional Trading of Longboard Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its stake in Longboard Pharmaceuticals by 69.5% during the 1st quarter. BlackRock Inc. now owns 30,669 shares of the company’s stock worth $164,000 after buying an additional 12,576 shares during the period. FMR LLC increased its position in shares of Longboard Pharmaceuticals by 162.5% during the first quarter. FMR LLC now owns 2,900,392 shares of the company’s stock worth $11,399,000 after acquiring an additional 1,795,488 shares during the period. CIBC Asset Management Inc purchased a new stake in shares of Longboard Pharmaceuticals during the first quarter worth $225,000. Bank of New York Mellon Corp acquired a new stake in shares of Longboard Pharmaceuticals in the second quarter valued at $336,000. Finally, Citigroup Inc. boosted its holdings in Longboard Pharmaceuticals by 67.6% in the second quarter. Citigroup Inc. now owns 4,638 shares of the company’s stock valued at $34,000 after purchasing an additional 1,870 shares during the period. 63.28% of the stock is currently owned by hedge funds and other 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.