Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Down 5.4%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares fell 5.4% during trading on Monday . The company traded as low as $32.22 and last traded at $32.47. 54,651 shares changed hands during trading, a decline of 94% from the average session volume of 855,559 shares. The stock had previously closed at $34.32.

Analyst Upgrades and Downgrades

LBPH has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Thursday, August 22nd. Wedbush lowered their price objective on Longboard Pharmaceuticals from $42.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. B. Riley increased 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. Robert W. Baird upped their price objective 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, Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 price target on shares of Longboard Pharmaceuticals in a research report on Monday. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $57.44.

Longboard Pharmaceuticals Stock Down 9.2 %

The company has a 50 day simple moving average of $35.26 and a 200 day simple moving average of $25.72. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -13.93 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings data 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 period in the previous year, the company earned ($0.65) earnings per share. As a group, analysts predict that Longboard Pharmaceuticals, Inc. will post -2.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,667 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $34.73, for a total transaction of $578,844.91. Following the sale, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at approximately $622,361.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LBPH. Ameritas Investment Partners Inc. lifted its holdings in shares of Longboard Pharmaceuticals by 93.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock worth $54,000 after acquiring an additional 1,200 shares during the last quarter. Squarepoint Ops LLC increased its position in shares of Longboard Pharmaceuticals by 30.4% during the 2nd quarter. Squarepoint Ops LLC now owns 13,972 shares of the company’s stock valued at $378,000 after purchasing an additional 3,260 shares during the last quarter. American International Group Inc. raised its holdings in shares of Longboard Pharmaceuticals by 58.6% during the 1st quarter. American International Group Inc. now owns 12,283 shares of the company’s stock valued at $265,000 after buying an additional 4,540 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Longboard Pharmaceuticals in the 2nd quarter worth approximately $127,000. Finally, SG Americas Securities LLC bought a new position in Longboard Pharmaceuticals during the first quarter valued at approximately $132,000. 63.28% of the stock is owned by 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.