Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Down 7.3%

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPHGet Free Report) traded down 7.3% on Friday . The company traded as low as $20.36 and last traded at $20.39. 67,582 shares traded hands during trading, a decline of 94% from the average session volume of 1,153,960 shares. The stock had previously closed at $21.99.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on LBPH. Citigroup began coverage on Longboard Pharmaceuticals in a research note on Friday, February 16th. They set a “buy” rating and a $40.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Tuesday, May 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Friday, May 3rd. Wedbush lifted their target price on Longboard Pharmaceuticals from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Finally, Robert W. Baird assumed coverage on Longboard Pharmaceuticals in a research note on Wednesday, May 1st. They set an “outperform” rating and a $36.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $43.67.

Read Our Latest Analysis on Longboard Pharmaceuticals

Longboard Pharmaceuticals Stock Down 8.5 %

The stock has a 50 day simple moving average of $19.93 and a 200-day simple moving average of $15.62.

Longboard Pharmaceuticals (NASDAQ:LBPHGet Free Report) last released 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). On average, sell-side analysts expect that Longboard Pharmaceuticals, Inc. will post -1.85 earnings per share for the current year.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several large investors have recently modified their holdings of LBPH. Polar Capital Holdings Plc bought a new position in shares of Longboard Pharmaceuticals during the 3rd quarter valued at approximately $5,560,000. Vanguard Group Inc. increased its position in shares of Longboard Pharmaceuticals by 119.3% during the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock valued at $37,248,000 after purchasing an additional 937,998 shares during the last quarter. Jennison Associates LLC bought a new position in shares of Longboard Pharmaceuticals during the 4th quarter valued at approximately $2,899,000. Lord Abbett & CO. LLC bought a new position in shares of Longboard Pharmaceuticals during the 1st quarter valued at approximately $10,264,000. Finally, Platinum Investment Management Ltd. bought a new position in shares of Longboard Pharmaceuticals during the 4th quarter valued at approximately $766,000. Institutional investors own 63.28% of the company’s stock.

About Longboard Pharmaceuticals

(Get Free Report)

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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