Citi initiated coverage of Longboard Pharmaceuticals (LBPH) with a Buy rating and $40 price target. Following “robust” topline results from the Phase 1b/2a PACIFIC trial of bexicaserin in rare epilepsies, the firm believes the drug could become “a best-in-class therapy.” The stock pulled back slightly in late January as Pfizer (PFE) cashed out its roughly 20% stake held by way of its Arena takeout, notes the firm, which believes other strategics are likely eyeing Longboard as “a potential bolt-on acquisition.”
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Read More on LBPH:
- Longboard Pharmaceuticals 4M share Block Trade priced at $24.25
- Two new option listings and one option delisting on January 18th
- Longboard price target raised to $60 from $55 at Cantor Fitzgerald
- Longboard Pharmaceuticals price target raised to $30 from $13 at B. Riley
- Longboard Pharmaceuticals price target raised to $32 from $22 at Wedbush
