Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Up 5.1%

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shot up 5.1% during mid-day trading on Thursday . The stock traded as high as $17.86 and last traded at $17.86. 157,720 shares traded hands during trading, a decline of 88% from the average session volume of 1,322,907 shares. The stock had previously closed at $17.00.

Wall Street Analyst Weigh In

Several research firms recently issued reports on LBPH. Wedbush reiterated an “outperform” rating and set a $32.00 price target on shares of Longboard Pharmaceuticals in a research report on Wednesday, March 13th. Citigroup assumed coverage on shares of Longboard Pharmaceuticals in a research report on Friday, February 16th. They issued a “buy” rating and a $40.00 target price on the stock. Guggenheim raised their target price on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, January 2nd. HC Wainwright restated a “buy” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Tuesday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Wednesday, April 10th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Longboard Pharmaceuticals presently has an average rating of “Buy” and a consensus target price of $39.50.

Longboard Pharmaceuticals Stock Performance

The company’s 50 day moving average price is $20.16 and its 200-day moving average price is $13.90.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings results on Tuesday, March 12th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). On average, sell-side analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.01 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of Longboard Pharmaceuticals stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $24.25, for a total transaction of $96,479,595.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.57% of the stock is owned by insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of LBPH. Citigroup Inc. increased its stake in Longboard Pharmaceuticals by 67.6% in the second quarter. Citigroup Inc. now owns 4,638 shares of the company’s stock valued at $34,000 after purchasing an additional 1,870 shares in the last quarter. California State Teachers Retirement System bought a new stake in shares of Longboard Pharmaceuticals in the second quarter valued at approximately $38,000. Bourgeon Capital Management LLC bought a new stake in shares of Longboard Pharmaceuticals in the third quarter valued at approximately $39,000. Wells Fargo & Company MN grew its stake in Longboard Pharmaceuticals by 6,439.4% in the 2nd quarter. Wells Fargo & Company MN now owns 6,147 shares of the company’s stock worth $45,000 after buying an additional 6,053 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new position in Longboard Pharmaceuticals in the 2nd quarter worth approximately $66,000. 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.