Longboard Pharmaceuticals assumed with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage of Longboard Pharmaceuticals with an Overweight rating with a price target of $35, up from $16. The stock is a “high conviction call” for the firm heading into Phase 1/2 PACIFIC data for its seizure drug, LP352 in January of 2024, the analyst tells investors in a research note. The firm adds that with a modest $110M market cap but a drug that can reach greater than $1B per year in peak sales, the upside opportunity here is “substantial, to say the least”.