Longboard Pharmaceuticals (NASDAQ:LBPH) Hits New 52-Week High – Still a Buy?

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $59.55 and last traded at $59.46, with a volume of 260073 shares trading hands. The stock had previously closed at $59.40.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on LBPH. Citigroup upped their price objective 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 issued a $60.00 price target (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Truist Financial reissued a “hold” rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Robert W. Baird upped their target price on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, July 11th. Finally, Wedbush cut Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Longboard Pharmaceuticals presently has a consensus rating of “Hold” and a consensus target price of $59.56.

Longboard Pharmaceuticals Price Performance

The company’s fifty day simple moving average is $37.28 and its 200-day simple moving average is $29.22. The firm has a market capitalization of $2.31 billion, a PE ratio of -26.52 and a beta of 1.22.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced 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 period in the previous year, the firm posted ($0.65) earnings per share. As a group, equities research analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.19 earnings per share for the current fiscal year.

Insider Transactions at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,666 shares of the stock in a transaction that occurred on 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 $566,988.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 50,000 shares of company stock worth $2,090,010. Insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. lifted its position in 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 period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Longboard Pharmaceuticals in the second quarter worth about $127,000. SG Americas Securities LLC acquired a new stake in shares of Longboard Pharmaceuticals during the first quarter worth about $132,000. Denali Advisors LLC purchased a new stake in Longboard Pharmaceuticals in the first quarter valued at approximately $201,000. Finally, Arizona State Retirement System acquired a new position in Longboard Pharmaceuticals in the 2nd quarter worth approximately $216,000. 63.28% of the stock is owned by institutional investors and hedge funds.

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.