Longboard Pharmaceuticals (NASDAQ:LBPH) Sees Unusually-High Trading Volume – Here’s What Happened

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares saw unusually-high trading volume on Monday . Approximately 1,147,068 shares traded hands during mid-day trading, an increase of 1% from the previous session’s volume of 1,131,953 shares.The stock last traded at $59.24 and had previously closed at $59.21.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Evercore ISI reiterated an “outperform” rating and issued a $80.00 price target on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Citigroup lifted their price target on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. B. Riley reaffirmed a “neutral” rating and set a $60.00 price objective (up previously from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Robert W. Baird boosted their target price on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, July 11th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Longboard Pharmaceuticals has an average rating of “Hold” and an average target price of $59.56.

Longboard Pharmaceuticals Stock Performance

The stock has a market capitalization of $2.31 billion, a PE ratio of -26.52 and a beta of 1.22. The business’s 50-day moving average is $37.28 and its two-hundred day moving average is $29.22.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same quarter last year, the firm earned ($0.65) EPS. Equities analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.19 EPS for the current year.

Insiders Place Their Bets

In other news, CMO Randall Kaye sold 16,667 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $59.03, for a total value of $983,853.01. Following the completion of the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at $1,057,817.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders have sold 50,000 shares of company stock worth $2,090,010. Company insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of LBPH. Jennison Associates LLC increased its holdings 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 purchasing an additional 461,576 shares in the last quarter. Swiss National Bank acquired a new stake in shares of Longboard Pharmaceuticals in the 1st quarter worth approximately $914,000. Quantbot Technologies LP purchased a new position in Longboard Pharmaceuticals in the 1st quarter valued at approximately $310,000. Price T Rowe Associates Inc. MD raised its holdings in Longboard Pharmaceuticals by 36.3% during 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 purchasing an additional 591,013 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Longboard Pharmaceuticals by 34.5% during the second quarter. Bank of New York Mellon Corp now owns 92,664 shares of the company’s stock worth $2,505,000 after purchasing an additional 23,774 shares in 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.