Longboard Pharmaceuticals (NASDAQ:LBPH) Hits New 1-Year High – Still a Buy?

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) reached a new 52-week high on Monday . The company traded as high as $60.03 and last traded at $59.98, with a volume of 655700 shares changing hands. The stock had previously closed at $59.96.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on LBPH. B. Riley restated a “neutral” rating and set a $60.00 price target (up from $45.00) on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Cantor Fitzgerald restated a “neutral” rating on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Truist Financial reiterated a “hold” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. Evercore ISI reissued an “outperform” rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Finally, Wedbush downgraded Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.56.

Longboard Pharmaceuticals Stock Up 0.0 %

The stock has a fifty day simple moving average of $52.01 and a 200 day simple moving average of $37.36. The firm has a market capitalization of $2.34 billion, a P/E ratio of -26.90 and a beta of 1.07.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its earnings results on Thursday, November 7th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.04). Research analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of Longboard Pharmaceuticals stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $31.64, for a total value of $527,312.24. Following the sale, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $566,988.80. The trade was a 48.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.64% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LBPH. KBC Group NV purchased a new stake in Longboard Pharmaceuticals during the third quarter valued at $65,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Longboard Pharmaceuticals by 64.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,744 shares of the company’s stock valued at $258,000 after buying an additional 3,028 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Longboard Pharmaceuticals by 30.4% in the 2nd quarter. Squarepoint Ops LLC now owns 13,972 shares of the company’s stock valued at $378,000 after acquiring an additional 3,260 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Longboard Pharmaceuticals in the second quarter worth about $127,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Longboard Pharmaceuticals by 10.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 55,079 shares of the company’s stock worth $1,836,000 after acquiring an additional 5,023 shares during the last quarter. 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.