Longboard Pharmaceuticals (NASDAQ:LBPH) Downgraded by Wedbush to “Hold”

Wedbush downgraded shares of Longboard Pharmaceuticals (NASDAQ:LBPH) from a strong-buy rating to a hold rating in a report issued on Monday morning, Zacks.com reports.

Several other analysts have also recently commented on LBPH. Evercore ISI restated an outperform rating and set a $80.00 target price on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Robert W. Baird raised their price objective on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an outperform rating in a research report on Thursday, July 11th. B. Riley reiterated a neutral rating and set a $60.00 target price (up from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday. Cantor Fitzgerald reissued a neutral rating on shares of Longboard Pharmaceuticals in a report on Monday. Finally, Citigroup upped 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. 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, the stock presently has a consensus rating of Hold and a consensus target price of $59.56.

Longboard Pharmaceuticals Stock Performance

LBPH opened at $59.08 on Monday. Longboard Pharmaceuticals has a twelve month low of $3.60 and a twelve month high of $59.12. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of -26.38 and a beta of 1.22. The firm’s 50-day simple moving average is $35.38 and its 200-day simple moving average is $28.09.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same quarter in the prior year, the company posted ($0.65) EPS. As a group, sell-side analysts anticipate that Longboard Pharmaceuticals will post -2.19 EPS for the current fiscal year.

Insider Transactions at Longboard Pharmaceuticals

In related 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 owns 17,920 shares in the company, valued at approximately $566,988.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 4.64% of the stock is owned by corporate insiders.

Institutional Trading of Longboard Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of LBPH. RA Capital Management L.P. acquired a new position in shares of Longboard Pharmaceuticals in the 1st quarter valued at $71,045,000. Farallon Capital Management LLC grew its stake 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 valued at $63,515,000 after acquiring an additional 1,380,000 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of 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 period. Vanguard Group Inc. lifted its holdings in shares of Longboard Pharmaceuticals by 119.3% during the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock valued at $37,248,000 after purchasing an additional 937,998 shares in the last quarter. Finally, Integral Health Asset Management LLC grew its position in shares of Longboard Pharmaceuticals by 12.8% in the 2nd quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company’s stock valued at $29,733,000 after purchasing an additional 125,000 shares during the period. 63.28% of the stock is owned by institutional investors.

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.