Longboard Pharmaceuticals (NASDAQ:LBPH) Price Target Raised to $80.00

Longboard Pharmaceuticals (NASDAQ:LBPH) had its target price upped by Evercore ISI from $57.00 to $80.00 in a research report released on Tuesday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

Several other brokerages have also issued reports on LBPH. Robert W. Baird began coverage on Longboard Pharmaceuticals in a research note on Wednesday, May 1st. They issued an outperform rating and a $36.00 price target on the stock. B. Riley raised their price target on shares of Longboard Pharmaceuticals from $30.00 to $36.00 and gave the company a buy rating in a research note on Tuesday, June 11th. HC Wainwright reaffirmed a buy rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Tuesday, June 11th. Cantor Fitzgerald increased their price objective on shares of Longboard Pharmaceuticals from $60.00 to $90.00 and gave the company an overweight rating in a research note on Monday. Finally, Wedbush boosted their target price on shares of Longboard Pharmaceuticals from $32.00 to $34.00 and gave the stock an outperform rating in a research note on Friday, May 3rd. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of Buy and an average target price of $51.63.

Longboard Pharmaceuticals Stock Up 3.8 %

LBPH stock opened at $31.91 on Tuesday. The company has a market cap of $1.24 billion, a PE ratio of -14.25 and a beta of 1.24. Longboard Pharmaceuticals has a 52 week low of $3.60 and a 52 week high of $33.74. The business has a 50-day simple moving average of $20.97 and a 200 day simple moving average of $19.91.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its earnings results on Thursday, May 2nd. The company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.06. On average, analysts anticipate that Longboard Pharmaceuticals will post -1.82 EPS for the current fiscal year.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several large investors have recently modified their holdings of the business. RA Capital Management L.P. bought a new stake in shares of Longboard Pharmaceuticals in the first quarter worth $71,045,000. Farallon Capital Management LLC lifted its holdings in Longboard Pharmaceuticals by 88.4% during the 1st quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock worth $63,515,000 after buying an additional 1,380,000 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Longboard Pharmaceuticals by 36.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock valued at $47,910,000 after buying an additional 591,013 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Longboard Pharmaceuticals by 119.3% in the first quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock valued at $37,248,000 after buying an additional 937,998 shares during the period. Finally, Polar Capital Holdings Plc acquired a new stake in shares of Longboard Pharmaceuticals in the third quarter valued at about $5,560,000. Institutional investors own 63.28% of the company’s stock.

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.