Longboard Pharmaceuticals (NASDAQ:LBPH) Given New $80.00 Price Target at Evercore ISI

Longboard Pharmaceuticals (NASDAQ:LBPH) had its target price lifted by stock analysts at Evercore ISI from $57.00 to $80.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Evercore ISI’s price target indicates a potential upside of 150.86% from the company’s previous close.

A number of other analysts also recently issued reports on LBPH. HC Wainwright reiterated a “buy” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Tuesday, June 11th. B. Riley lifted their price target on Longboard Pharmaceuticals from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Wedbush raised their price objective on Longboard Pharmaceuticals from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Cantor Fitzgerald raised their price objective on Longboard Pharmaceuticals from $60.00 to $90.00 and gave the company an “overweight” rating in a report on Monday. Finally, Robert W. Baird initiated coverage on Longboard Pharmaceuticals in a report on Wednesday, May 1st. They set an “outperform” rating and a $36.00 price objective on the stock. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, Longboard Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $51.00.

Longboard Pharmaceuticals Stock Up 3.1 %

Longboard Pharmaceuticals stock traded up $0.97 during mid-day trading on Tuesday, reaching $31.89. 886,903 shares of the company’s stock were exchanged, compared to its average volume of 960,856. The business’s fifty day simple moving average is $20.27 and its 200 day simple moving average is $19.56. Longboard Pharmaceuticals has a one year low of $3.60 and a one year high of $33.74. The firm has a market capitalization of $1.24 billion, a PE ratio of -14.24 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.42) earnings per share for the quarter, topping the consensus estimate of ($0.48) by $0.06. On average, sell-side analysts forecast that Longboard Pharmaceuticals will post -1.82 earnings per share for the current year.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Several hedge funds have recently made changes to their positions in LBPH. Polar Capital Holdings Plc bought a new stake in shares of Longboard Pharmaceuticals during the third quarter valued at approximately $5,560,000. Jennison Associates LLC purchased a new position in Longboard Pharmaceuticals in the fourth quarter worth about $2,899,000. CIBC Asset Management Inc grew its holdings in shares of Longboard Pharmaceuticals by 46.8% during the fourth quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock valued at $1,279,000 after buying an additional 67,607 shares during the last quarter. Platinum Investment Management Ltd. bought a new stake in shares of Longboard Pharmaceuticals during the fourth quarter valued at approximately $766,000. Finally, Parkman Healthcare Partners LLC raised its holdings in Longboard Pharmaceuticals by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock worth $2,592,000 after acquiring an additional 73,935 shares during the last quarter. 63.28% of the stock is currently owned by institutional investors.

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.