Longboard Pharmaceuticals (NASDAQ:LBPH) Price Target Cut to $40.00 by Analysts at Wedbush

Longboard Pharmaceuticals (NASDAQ:LBPH) had its price objective reduced by Wedbush from $42.00 to $40.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms also recently commented on LBPH. Citigroup lifted their price target on shares of Longboard Pharmaceuticals from $40.00 to $45.00 and gave the stock a buy rating in a research note on Tuesday, July 2nd. Cantor Fitzgerald lifted their price target on shares of Longboard Pharmaceuticals from $60.00 to $90.00 and gave the stock an overweight rating in a research note on Monday, July 1st. Robert W. Baird lifted their price target on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an outperform rating in a research note on Thursday, July 11th. B. Riley lifted their price target on shares of Longboard Pharmaceuticals from $30.00 to $36.00 and gave the stock a buy rating in a research note on Tuesday, June 11th. Finally, HC Wainwright reaffirmed a buy rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Thursday. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $56.00.

Longboard Pharmaceuticals Trading Down 0.2 %

Longboard Pharmaceuticals stock traded down $0.07 during mid-day trading on Friday, hitting $32.85. 831,842 shares of the company traded hands, compared to its average volume of 717,293. Longboard Pharmaceuticals has a one year low of $3.60 and a one year high of $40.48. The stock has a fifty day moving average price of $27.16 and a 200-day moving average price of $22.98.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its earnings results on Thursday, May 2nd. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.06. Analysts expect that Longboard Pharmaceuticals will post -1.82 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in LBPH. Ameritas Investment Partners Inc. increased its position in Longboard Pharmaceuticals by 93.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock valued at $54,000 after purchasing an additional 1,200 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Longboard Pharmaceuticals during the 2nd quarter valued at $127,000. SG Americas Securities LLC purchased a new position in Longboard Pharmaceuticals during the 1st quarter valued at $132,000. Denali Advisors LLC purchased a new position in Longboard Pharmaceuticals during the 1st quarter valued at $201,000. Finally, American International Group Inc. boosted its holdings in shares of Longboard Pharmaceuticals by 58.6% during the 1st quarter. American International Group Inc. now owns 12,283 shares of the company’s stock valued at $265,000 after buying an additional 4,540 shares in 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.