Longboard Pharmaceuticals (NASDAQ:LBPH) Given New $50.00 Price Target at Citigroup

Longboard Pharmaceuticals (NASDAQ:LBPH) had its target price upped by Citigroup from $45.00 to $50.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the company. HC Wainwright reissued a buy rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Thursday. B. Riley increased their price objective on Longboard Pharmaceuticals from $30.00 to $36.00 and gave the company a buy rating in a research report on Tuesday, June 11th. Evercore ISI increased their price objective on Longboard Pharmaceuticals from $57.00 to $80.00 and gave the company an outperform rating in a research report on Tuesday, July 2nd. Cantor Fitzgerald reaffirmed an overweight rating and set a $90.00 price objective on shares of Longboard Pharmaceuticals in a research report on Friday. Finally, Robert W. Baird increased their price objective on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an outperform rating in a research report on Thursday, July 11th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $56.00.

Longboard Pharmaceuticals Trading Down 0.2 %

Shares of NASDAQ LBPH traded down $0.07 during trading on Friday, reaching $32.85. The company had a trading volume of 831,842 shares, compared to its average volume of 717,293. Longboard Pharmaceuticals has a 12-month low of $3.60 and a 12-month high of $40.48. The business’s 50-day moving average is $27.16 and its 200 day moving average is $22.98.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its earnings results on Thursday, May 2nd. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.06. As a group, equities analysts forecast that Longboard Pharmaceuticals will post -1.82 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of LBPH. RA Capital Management L.P. purchased a new position in Longboard Pharmaceuticals in the first quarter worth about $71,045,000. Farallon Capital Management LLC boosted its position in Longboard Pharmaceuticals by 88.4% in the first quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock worth $63,515,000 after purchasing an additional 1,380,000 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Longboard Pharmaceuticals by 119.3% in the first quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock worth $37,248,000 after buying an additional 937,998 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Longboard Pharmaceuticals by 36.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock worth $47,910,000 after buying an additional 591,013 shares during the period. Finally, Jennison Associates LLC bought a new position in shares of Longboard Pharmaceuticals in the fourth quarter worth about $2,899,000. 63.28% of the stock is owned by hedge funds and other 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.