Zacks Investment Research Lowers Longboard Pharmaceuticals (NASDAQ:LBPH) to Hold

Longboard Pharmaceuticals (NASDAQ:LBPH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Longboard Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company. It focuses on developing novel, transformative medicines for neurological diseases. Longboard Pharmaceuticals Inc. is based in SAN DIEGO. “

Shares of NASDAQ:LBPH traded up $0.01 during trading on Thursday, hitting $5.99. 5,868 shares of the company’s stock were exchanged, compared to its average volume of 42,652. Longboard Pharmaceuticals has a 52-week low of $5.90 and a 52-week high of $18.95. The business’s 50-day simple moving average is $7.88 and its 200 day simple moving average is $8.63.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its earnings results on Thursday, November 4th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.10. On average, research analysts predict that Longboard Pharmaceuticals will post -1.84 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC bought a new position in Longboard Pharmaceuticals during the second quarter valued at approximately $95,000. Jane Street Group LLC bought a new position in Longboard Pharmaceuticals during the first quarter valued at approximately $174,000. Geode Capital Management LLC bought a new position in Longboard Pharmaceuticals during the third quarter valued at approximately $135,000. Veritable L.P. bought a new position in Longboard Pharmaceuticals during the third quarter valued at approximately $182,000. Finally, Davidson Kempner Capital Management LP bought a new position in Longboard Pharmaceuticals during the first quarter valued at approximately $405,000. Hedge funds and other institutional investors own 58.74% of the company’s stock.

Longboard Pharmaceuticals Company Profile

Longboard Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on developing medicines for neurological diseases. Its products include LP352, a Phase I clinical trial product for the developmental and epileptic encephalopathies (DEEs) and refractory epilepsies; LP143, a product for amyotrophic lateral sclerosis and other neuroinflammatory disorders; and LP659, a product for multiple neuroinflammatory disorders.

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