Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Gap Up to $20.11

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) gapped up before the market opened on Wednesday . The stock had previously closed at $20.11, but opened at $20.80. Longboard Pharmaceuticals shares last traded at $20.52, with a volume of 36,001 shares changing hands.

Analyst Upgrades and Downgrades

LBPH has been the topic of several analyst reports. Guggenheim boosted their target price on Longboard Pharmaceuticals from $16.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, January 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Friday, March 15th. Citigroup began coverage on Longboard Pharmaceuticals in a research report on Friday, February 16th. They issued a “buy” rating and a $40.00 price objective on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a research report on Wednesday, March 13th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Longboard Pharmaceuticals in a research report on Wednesday, March 13th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Longboard Pharmaceuticals presently has an average rating of “Buy” and an average target price of $39.50.

Longboard Pharmaceuticals Stock Up 3.0 %

The business has a 50 day simple moving average of $21.33 and a 200 day simple moving average of $12.45.

Insider Buying and Selling at Longboard Pharmaceuticals

In other news, major shareholder Arena Pharmaceuticals Inc sold 3,978,540 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $24.25, for a total transaction of $96,479,595.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. BlackRock Inc. increased its position in shares of Longboard Pharmaceuticals by 69.5% during the first quarter. BlackRock Inc. now owns 30,669 shares of the company’s stock worth $164,000 after purchasing an additional 12,576 shares in the last quarter. FMR LLC increased its position in shares of Longboard Pharmaceuticals by 162.5% during the first quarter. FMR LLC now owns 2,900,392 shares of the company’s stock worth $11,399,000 after purchasing an additional 1,795,488 shares in the last quarter. CIBC Asset Management Inc purchased a new stake in shares of Longboard Pharmaceuticals during the first quarter worth approximately $225,000. Bank of New York Mellon Corp purchased a new stake in shares of Longboard Pharmaceuticals during the second quarter worth approximately $336,000. Finally, Citigroup Inc. increased its position in shares of Longboard Pharmaceuticals by 67.6% during the second quarter. Citigroup Inc. now owns 4,638 shares of the company’s stock worth $34,000 after purchasing an additional 1,870 shares in the last quarter. 63.28% of the stock is 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. Its lead product candidate is LP352, which is in Phase 1b/2a clinical trial for the treatment of seizures associated with developmental and epileptic encephalopathies.