Wedbush Raises Longboard Pharmaceuticals (NASDAQ:LBPH) Price Target to $44.00

Longboard Pharmaceuticals (NASDAQ:LBPH) had its target price boosted by Wedbush from $40.00 to $44.00 in a report published on Tuesday morning, Benzinga reports. They currently have an outperform rating on the stock. Wedbush also issued estimates for Longboard Pharmaceuticals’ FY2027 earnings at ($3.15) EPS and FY2028 earnings at ($0.68) EPS.

Several other equities research analysts have also recently weighed in on the stock. Cantor Fitzgerald restated an overweight rating and issued a $90.00 price objective on shares of Longboard Pharmaceuticals in a research report on Monday. B. Riley raised their price target on shares of Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company a buy rating in a report on Monday, August 5th. Truist Financial initiated coverage on Longboard Pharmaceuticals in a report on Tuesday, September 10th. They set a buy rating and a $60.00 price objective on the stock. Robert W. Baird lifted 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. Finally, Citigroup upped their price target on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a buy rating in a research note on Friday, August 2nd. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $60.11.

Longboard Pharmaceuticals Trading Up 14.0 %

NASDAQ:LBPH opened at $33.40 on Tuesday. The stock has a market capitalization of $1.30 billion, a P/E ratio of -14.91 and a beta of 1.24. Longboard Pharmaceuticals has a 1 year low of $3.60 and a 1 year high of $40.48. The firm has a 50 day moving average of $34.96 and a 200-day moving average of $25.84.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued 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 previous year, the company posted ($0.65) earnings per share. As a group, analysts forecast that Longboard Pharmaceuticals will post -2.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CMO Randall Kaye sold 16,666 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $31.64, for a total value of $527,312.24. Following the completion of the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $566,988.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 33,433 shares of company stock worth $1,108,244. Insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. boosted its position in shares of Longboard Pharmaceuticals by 93.3% during the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock worth $54,000 after purchasing an additional 1,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Longboard Pharmaceuticals during the second quarter worth about $127,000. SG Americas Securities LLC bought a new position in Longboard Pharmaceuticals during the first quarter worth about $132,000. Arizona State Retirement System acquired a new position in Longboard Pharmaceuticals in the second quarter valued at about $216,000. Finally, Denali Advisors LLC bought a new stake in shares of Longboard Pharmaceuticals in the first quarter worth about $201,000. Institutional investors and hedge funds 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.