Longboard Pharmaceuticals (NASDAQ:LBPH) Sets New 12-Month High – Here’s What Happened

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $59.95 and last traded at $59.91, with a volume of 407590 shares changing hands. The stock had previously closed at $59.80.

Analysts Set New Price Targets

LBPH has been the subject of a number of analyst reports. Wedbush downgraded 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 issued a $80.00 target price on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. HC Wainwright restated a “neutral” rating and issued a $60.00 price target (down from $80.00) on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. B. Riley reiterated a “neutral” rating and issued a $60.00 price objective (up from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Longboard Pharmaceuticals currently has an average rating of “Hold” and an average target price of $59.56.

Longboard Pharmaceuticals Trading Up 0.2 %

The company has a fifty day moving average of $49.11 and a two-hundred day moving average of $35.98.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.04). Research analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.22 earnings per share for the current year.

Insider Activity

In other news, CMO Randall Kaye sold 16,667 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $59.03, for a total transaction of $983,853.01. Following the completion of the sale, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $1,057,817.60. This trade represents a 48.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On Longboard Pharmaceuticals

A number of large investors have recently bought and sold shares of the stock. KBC Group NV bought a new stake in Longboard Pharmaceuticals during the 3rd quarter worth approximately $65,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Longboard Pharmaceuticals in the second quarter worth $127,000. SG Americas Securities LLC purchased a new position in Longboard Pharmaceuticals during the 1st quarter valued at about $132,000. Arizona State Retirement System purchased a new stake in Longboard Pharmaceuticals in the 2nd quarter worth approximately $216,000. Finally, Mesirow Financial Investment Management Inc. purchased a new position in shares of Longboard Pharmaceuticals during the 3rd quarter valued at $221,000. 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.