Longboard Pharmaceuticals (NASDAQ:LBPH) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Longboard Pharmaceuticals (NASDAQ:LBPHGet Rating) from a sell rating to a buy rating in a report published on Tuesday morning, Zacks.com reports. The firm currently has $5.25 target price on the stock.

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. “

Other analysts have also issued reports about the stock. HC Wainwright initiated coverage on shares of Longboard Pharmaceuticals in a research note on Wednesday, April 27th. They issued a buy rating for the company. Cantor Fitzgerald reaffirmed an overweight rating on shares of Longboard Pharmaceuticals in a research note on Friday, April 1st. Finally, Wedbush initiated coverage on shares of Longboard Pharmaceuticals in a research note on Monday, February 14th. They issued an outperform rating and a $14.00 price objective for the company.

NASDAQ LBPH opened at $4.50 on Tuesday. The company’s 50-day moving average price is $5.10 and its 200-day moving average price is $5.21. The stock has a market cap of $61.14 million, a PE ratio of -2.41 and a beta of -0.32. Longboard Pharmaceuticals has a 12 month low of $3.90 and a 12 month high of $18.50.

Longboard Pharmaceuticals (NASDAQ:LBPHGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.04). Research analysts forecast that Longboard Pharmaceuticals will post -2.46 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in LBPH. TD Asset Management Inc. lifted its position in shares of Longboard Pharmaceuticals by 237.1% during the third quarter. TD Asset Management Inc. now owns 57,275 shares of the company’s stock valued at $510,000 after buying an additional 40,282 shares during the last quarter. Geode Capital Management LLC purchased a new stake in shares of Longboard Pharmaceuticals during the third quarter valued at about $135,000. Veritable L.P. purchased a new stake in shares of Longboard Pharmaceuticals during the third quarter valued at about $182,000. Bank of America Corp DE lifted its position in shares of Longboard Pharmaceuticals by 46.4% during the fourth quarter. Bank of America Corp DE now owns 23,525 shares of the company’s stock valued at $115,000 after buying an additional 7,453 shares during the last quarter. Finally, Citigroup Inc. purchased a new stake in shares of Longboard Pharmaceuticals during the fourth quarter valued at about $968,000.

Longboard Pharmaceuticals Company Profile (Get Rating)

Longboard Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on developing transformative medicines for neurological diseases. The company's lead product candidate is LP352, which is in a Phase 1b/2a clinical trial for the treatment of seizures associated with developmental and epileptic encephalopathies.

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