Longboard Pharmaceuticals’ (LBPH) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a research report released on Monday, Benzinga reports. Cantor Fitzgerald currently has a $90.00 price target on the stock.

Several other equities research analysts have also issued reports on the company. Citigroup lifted their price target on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a buy rating in a research note on Friday, August 2nd. HC Wainwright reaffirmed a buy rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Thursday, August 22nd. Wedbush dropped their price target on Longboard Pharmaceuticals from $42.00 to $40.00 and set an outperform rating for the company in a research note on Friday, August 2nd. Robert W. Baird lifted their price target on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an outperform rating in a research note on Thursday, July 11th. Finally, Evercore ISI reaffirmed an outperform rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of Buy and an average target price of $60.11.

Longboard Pharmaceuticals Stock Performance

NASDAQ:LBPH opened at $29.31 on Monday. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -13.08 and a beta of 1.24. Longboard Pharmaceuticals has a 52-week low of $3.60 and a 52-week high of $40.48. The stock has a fifty day moving average of $34.96 and a 200 day moving average of $25.84.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same quarter in the prior year, the company earned ($0.65) earnings per share. Equities analysts forecast that Longboard Pharmaceuticals will post -2.13 earnings per share for the current fiscal year.

Insider Activity at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,667 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $34.73, for a total transaction of $578,844.91. Following the transaction, the chief marketing officer now owns 17,920 shares in the company, valued at approximately $622,361.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 33,433 shares of company stock worth $1,108,244 in the last 90 days. Company insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. increased its holdings 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 about $127,000. SG Americas Securities LLC purchased a new position in shares of Longboard Pharmaceuticals during the 1st quarter worth approximately $132,000. Arizona State Retirement System purchased a new position in shares of Longboard Pharmaceuticals during the 2nd quarter worth approximately $216,000. Finally, Denali Advisors LLC purchased a new position in shares of Longboard Pharmaceuticals during the 1st quarter worth approximately $201,000. Hedge funds and other institutional investors own 63.28% of the company’s stock.

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.