Longboard Pharmaceuticals (NASDAQ:LBPH) Price Target Cut to $40.00 by Analysts at Wedbush

Longboard Pharmaceuticals (NASDAQ:LBPH) had its price target lowered by Wedbush from $42.00 to $40.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts have also commented on the company. Citigroup raised their price objective on Longboard Pharmaceuticals from $40.00 to $45.00 and gave the stock a buy rating in a research report on Tuesday, July 2nd. Robert W. Baird boosted their price objective on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an outperform rating in a research note on Thursday, July 11th. Evercore ISI lifted their price target on Longboard Pharmaceuticals from $57.00 to $80.00 and gave the stock an outperform rating in a research report on Tuesday, July 2nd. HC Wainwright reaffirmed a buy rating and set a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Thursday. Finally, B. Riley raised their target price on Longboard Pharmaceuticals from $30.00 to $36.00 and gave the stock a buy rating in a research report on Tuesday, June 11th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of $57.13.

Longboard Pharmaceuticals Stock Up 1.0 %

Shares of LBPH traded up $0.34 during mid-day trading on Friday, reaching $33.19. 437,602 shares of the stock traded hands, compared to its average volume of 925,875. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -14.40 and a beta of 1.24. Longboard Pharmaceuticals has a 12-month low of $3.60 and a 12-month high of $40.48. The stock has a fifty day simple moving average of $27.16 and a 200 day simple moving average of $22.98.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same quarter in the prior year, the business earned ($0.65) EPS. On average, equities research analysts expect that Longboard Pharmaceuticals will post -1.82 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. grew its stake in shares of Longboard Pharmaceuticals by 93.3% during the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock worth $54,000 after buying an additional 1,200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Longboard Pharmaceuticals during the second quarter worth $127,000. SG Americas Securities LLC bought a new position in Longboard Pharmaceuticals during the 1st quarter worth $132,000. Denali Advisors LLC acquired a new position in Longboard Pharmaceuticals during the 1st quarter worth about $201,000. Finally, American International Group Inc. increased its stake in shares of Longboard Pharmaceuticals by 58.6% in the first 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 during the period. Institutional investors and hedge funds own 63.28% of the company’s stock.

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.