Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Short Interest Update

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) was the recipient of a significant growth in short interest in September. As of September 30th, there was short interest totalling 5,380,000 shares, a growth of 33.5% from the September 15th total of 4,030,000 shares. Approximately 16.0% of the company’s stock are sold short. Based on an average daily volume of 655,600 shares, the short-interest ratio is currently 8.2 days.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. B. Riley reissued a “neutral” rating and set a $60.00 target price (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday. Robert W. Baird increased their target price on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, July 11th. HC Wainwright reissued a “neutral” rating and issued a $60.00 price target (down from $80.00) on shares of Longboard Pharmaceuticals in a report on Tuesday. Truist Financial restated a “hold” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Tuesday. Finally, Citigroup increased their target price on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $59.56.

Longboard Pharmaceuticals Stock Up 0.2 %

LBPH traded up $0.09 during trading on Tuesday, hitting $59.08. The company’s stock had a trading volume of 4,509,509 shares, compared to its average volume of 1,093,559. The firm’s 50 day moving average price is $34.89 and its two-hundred day moving average price is $27.83. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of -26.38 and a beta of 1.22. Longboard Pharmaceuticals has a 12 month low of $3.60 and a 12 month high of $59.12.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings results 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 period last year, the business posted ($0.65) EPS. On average, sell-side analysts forecast that Longboard Pharmaceuticals will post -2.19 earnings per share for the current year.

Insiders Place Their Bets

In related news, CMO Randall Kaye sold 16,667 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $34.73, for a total value of $578,844.91. Following the transaction, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $622,361.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.64% of the company’s stock.

Institutional Trading of Longboard Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jennison Associates LLC increased its stake in shares of Longboard Pharmaceuticals by 96.0% in the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock valued at $20,356,000 after buying an additional 461,576 shares during the period. Swiss National Bank bought a new stake in Longboard Pharmaceuticals during the 1st quarter worth about $914,000. Quantbot Technologies LP acquired a new position in Longboard Pharmaceuticals during the 1st quarter valued at about $310,000. Price T Rowe Associates Inc. MD lifted its position in Longboard Pharmaceuticals by 36.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock valued at $47,910,000 after purchasing an additional 591,013 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Longboard Pharmaceuticals by 34.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 92,664 shares of the company’s stock valued at $2,505,000 after purchasing an additional 23,774 shares during the last quarter. Institutional investors and hedge funds own 63.28% of the company’s stock.

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.