Longboard Pharmaceuticals (NASDAQ:LBPH) Reaches New 52-Week High on Analyst Upgrade

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) reached a new 52-week high on Tuesday after Citigroup raised their price target on the stock from $40.00 to $45.00. Citigroup currently has a buy rating on the stock. Longboard Pharmaceuticals traded as high as $33.07 and last traded at $33.00, with a volume of 161801 shares traded. The stock had previously closed at $30.92.

Other research analysts have also recently issued research reports about the stock. Evercore ISI upped their target price on shares of Longboard Pharmaceuticals from $57.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday. B. Riley upped their price objective on shares of Longboard Pharmaceuticals from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Wedbush lifted their target price on shares of Longboard Pharmaceuticals from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. HC Wainwright restated a “buy” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Tuesday, June 11th. Finally, Cantor Fitzgerald lifted their price objective on Longboard Pharmaceuticals from $60.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, Longboard Pharmaceuticals presently has an average rating of “Buy” and a consensus target price of $51.63.

Institutional Trading of Longboard Pharmaceuticals

Several hedge funds have recently modified their holdings of LBPH. Polar Capital Holdings Plc purchased a new stake in Longboard Pharmaceuticals during the 3rd quarter worth about $5,560,000. Jennison Associates LLC purchased a new stake in shares of Longboard Pharmaceuticals during the fourth quarter worth approximately $2,899,000. CIBC Asset Management Inc raised its holdings in Longboard Pharmaceuticals by 46.8% in the fourth quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock valued at $1,279,000 after acquiring an additional 67,607 shares in the last quarter. Platinum Investment Management Ltd. purchased a new position in Longboard Pharmaceuticals in the fourth quarter worth approximately $766,000. Finally, Parkman Healthcare Partners LLC grew its holdings in Longboard Pharmaceuticals by 20.8% during 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 in the last quarter. 63.28% of the stock is currently owned by institutional investors and hedge funds.

Longboard Pharmaceuticals Stock Performance

The stock’s 50-day simple moving average is $20.72 and its 200 day simple moving average is $19.83. The company has a market capitalization of $1.24 billion, a PE ratio of -14.25 and a beta of 1.24.

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

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.