Longboard Pharmaceuticals (NASDAQ:LBPH) Sees Strong Trading Volume – Should You Buy?

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) saw unusually-strong trading volume on Monday . Approximately 1,147,068 shares were traded during trading, an increase of 1% from the previous session’s volume of 1,131,953 shares.The stock last traded at $59.24 and had previously closed at $59.21.

Analyst Upgrades and Downgrades

LBPH has been the subject of several analyst reports. Citigroup upped their target price on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Wedbush lowered shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Evercore ISI reaffirmed an “outperform” rating and set a $80.00 target price on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Truist Financial reissued a “hold” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $60.00 price target (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $59.56.

Longboard Pharmaceuticals Trading Up 0.1 %

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

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

Insider Buying and Selling

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

Institutional Trading of Longboard Pharmaceuticals

Several hedge funds have recently modified their holdings of LBPH. Ameritas Investment Partners Inc. increased its holdings 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 purchasing an additional 1,200 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Longboard Pharmaceuticals during the second quarter worth approximately $127,000. SG Americas Securities LLC acquired a new stake in Longboard Pharmaceuticals in the first quarter valued at approximately $132,000. Denali Advisors LLC purchased a new position in Longboard Pharmaceuticals in the first quarter worth approximately $201,000. Finally, Arizona State Retirement System acquired a new position in Longboard Pharmaceuticals during the 2nd quarter worth approximately $216,000. 63.28% of the stock is currently 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.