Longboard Pharmaceuticals (NASDAQ:LBPH) Sets New 52-Week High – Here’s Why

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $59.95 and last traded at $59.91, with a volume of 407590 shares changing hands. The stock had previously closed at $59.80.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Evercore ISI reiterated an “outperform” rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. HC Wainwright reiterated a “neutral” rating and set a $60.00 target price (down from $80.00) on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Citigroup lifted their price objective on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Wedbush downgraded shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Finally, B. Riley reissued a “neutral” rating and issued a $60.00 price target (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Longboard Pharmaceuticals has an average rating of “Hold” and an average price target of $59.56.

Longboard Pharmaceuticals Stock Up 0.0 %

The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -26.89 and a beta of 1.07. The stock’s 50-day simple moving average is $50.95 and its 200 day simple moving average is $36.69.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.04). As a group, equities research analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.22 earnings per share for the current year.

Insider Transactions at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $31.64, for a total value of $527,312.24. Following the completion of the transaction, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $566,988.80. The trade was a 48.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in Longboard Pharmaceuticals by 36.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock valued at $47,910,000 after purchasing an additional 591,013 shares during the period. Bank of New York Mellon Corp lifted its holdings in Longboard Pharmaceuticals by 34.5% in the second quarter. Bank of New York Mellon Corp now owns 92,664 shares of the company’s stock valued at $2,505,000 after buying an additional 23,774 shares during the period. American Century Companies Inc. boosted its stake in Longboard Pharmaceuticals by 70.2% in the second quarter. American Century Companies Inc. now owns 476,390 shares of the company’s stock valued at $12,877,000 after acquiring an additional 196,464 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in Longboard Pharmaceuticals during the 2nd quarter worth $4,962,000. Finally, Candriam S.C.A. bought a new stake in shares of Longboard Pharmaceuticals during the 2nd quarter valued at $6,106,000. Institutional investors 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.