Longboard Pharmaceuticals (NASDAQ:LBPH) Sees Large Volume Increase – Time to Buy?

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) saw strong trading volume on Tuesday . 923,918 shares traded hands during trading, a decline of 14% from the previous session’s volume of 1,075,538 shares.The stock last traded at $58.91 and had previously closed at $58.99.

Analyst Ratings Changes

Several analysts have commented on the stock. Wedbush cut shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday. B. Riley restated a “neutral” rating and issued a $60.00 price objective (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday. Robert W. Baird upped their price objective on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, July 11th. Evercore ISI restated an “outperform” rating and issued a $80.00 price objective on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Longboard Pharmaceuticals in a research report on Monday. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $59.56.

Longboard Pharmaceuticals Stock Performance

The stock has a fifty day simple moving average of $35.87 and a 200-day simple moving average of $28.31. The stock has a market cap of $2.31 billion, a P/E ratio of -26.52 and a beta of 1.22.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same period in the previous year, the company posted ($0.65) earnings per share. On average, research analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.19 earnings per share for the current year.

Insiders Place Their Bets

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,667 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $59.03, for a total transaction of $983,853.01. Following the completion of the transaction, the chief marketing officer now owns 17,920 shares in the company, valued at approximately $1,057,817.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders sold 50,000 shares of company stock worth $2,090,010. Corporate insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Large investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. boosted its stake 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 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 2nd quarter worth about $127,000. SG Americas Securities LLC acquired a new position in shares of Longboard Pharmaceuticals during the 1st quarter worth about $132,000. Arizona State Retirement System acquired a new position in shares of Longboard Pharmaceuticals during the 2nd quarter worth about $216,000. Finally, Denali Advisors LLC acquired a new position in shares of Longboard Pharmaceuticals during the 1st quarter worth about $201,000. 63.28% of the stock is currently owned by institutional investors and hedge funds.

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.