Wedbush Raises Longboard Pharmaceuticals (NASDAQ:LBPH) Price Target to $34.00

Longboard Pharmaceuticals (NASDAQ:LBPH) had its price target hoisted by Wedbush from $32.00 to $34.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities analysts have also recently issued research reports about the company. HC Wainwright reaffirmed a buy rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Tuesday, April 16th. Robert W. Baird started coverage on Longboard Pharmaceuticals in a research note on Wednesday, May 1st. They issued an outperform rating and a $36.00 target price for the company. Cantor Fitzgerald reiterated an overweight rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Wednesday, April 10th. Finally, Citigroup began coverage on shares of Longboard Pharmaceuticals in a research note on Friday, February 16th. They issued a buy rating and a $40.00 price objective for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and an average target price of $43.67.

Longboard Pharmaceuticals Price Performance

LBPH stock traded down $0.78 on Friday, reaching $20.60. 427,902 shares of the company were exchanged, compared to its average volume of 1,197,907. The firm has a market capitalization of $741.95 million, a PE ratio of -9.20 and a beta of 1.25. Longboard Pharmaceuticals has a 12 month low of $3.60 and a 12 month high of $28.15. The stock’s fifty day moving average price is $20.08 and its 200 day moving average price is $15.12.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings data 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). As a group, research analysts expect that Longboard Pharmaceuticals will post -2.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Jennison Associates LLC increased its position in Longboard Pharmaceuticals by 96.0% in the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock valued at $20,356,000 after acquiring an additional 461,576 shares in the last quarter. Denali Advisors LLC acquired a new stake in shares of Longboard Pharmaceuticals in the first quarter valued at approximately $201,000. Parkman Healthcare Partners LLC raised its position in Longboard Pharmaceuticals by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock worth $2,592,000 after purchasing an additional 73,935 shares during the last quarter. Platinum Investment Management Ltd. acquired a new position in Longboard Pharmaceuticals during the 4th quarter worth $766,000. Finally, CIBC Asset Management Inc lifted its holdings in Longboard Pharmaceuticals by 46.8% during the 4th quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock worth $1,279,000 after buying an additional 67,607 shares in the last quarter. 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.