Longboard Pharmaceuticals (NASDAQ:LBPH) Receives New Coverage from Analysts at Robert W. Baird

Robert W. Baird initiated coverage on shares of Longboard Pharmaceuticals (NASDAQ:LBPH) in a research note published on Wednesday, MarketBeat.com reports. The firm issued an outperform rating and a $36.00 price target on the stock.

A number of other research firms have also recently weighed in on LBPH. Guggenheim upped their price target on shares of Longboard Pharmaceuticals from $16.00 to $32.00 and gave the stock a buy rating in a research note on Tuesday, January 2nd. Citigroup assumed coverage on shares of Longboard Pharmaceuticals in a research note on Friday, February 16th. They set a buy rating and a $40.00 price target on the stock. Wedbush reissued an outperform rating and issued a $32.00 price objective on shares of Longboard Pharmaceuticals in a research note on Wednesday, March 13th. HC Wainwright restated a buy rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a report on Tuesday, April 16th. Finally, Cantor Fitzgerald reiterated an overweight rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Wednesday, April 10th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Longboard Pharmaceuticals has an average rating of Buy and a consensus price target of $43.67.

Longboard Pharmaceuticals Stock Performance

Shares of Longboard Pharmaceuticals stock opened at $21.38 on Wednesday. The company has a market cap of $769.93 million, a P/E ratio of -9.56 and a beta of 1.25. Longboard Pharmaceuticals has a one year low of $3.60 and a one year high of $28.15. The firm has a fifty day moving average of $20.10 and a two-hundred day moving average of $14.86.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings data on Tuesday, March 12th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). As a group, equities analysts predict that Longboard Pharmaceuticals will post -2.01 earnings per share for the current year.

Hedge Funds Weigh In On Longboard Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the company. Jennison Associates LLC raised its holdings in Longboard Pharmaceuticals by 96.0% in the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock valued at $20,356,000 after acquiring an additional 461,576 shares during the last quarter. Denali Advisors LLC acquired a new position in Longboard Pharmaceuticals in the first quarter valued at $201,000. Parkman Healthcare Partners LLC lifted its position in Longboard Pharmaceuticals by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock worth $2,592,000 after buying an additional 73,935 shares during the period. Platinum Investment Management Ltd. acquired a new stake in Longboard Pharmaceuticals in the 4th quarter worth about $766,000. Finally, CIBC Asset Management Inc grew its holdings in Longboard Pharmaceuticals by 46.8% in the 4th quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock valued at $1,279,000 after buying an additional 67,607 shares during the period. Hedge funds and other 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.