B. Riley analyst Kalpit Patel raised the firm’s price target on Longboard Pharmaceuticals to $30 from $13 and keeps a Buy rating on the shares. Investors have raised questions about certain data, but the firm believes these concerns are “overblown” given the totality of the data presented for a proof-of-concept study and the firm has raised its view of the odds of success in Dravet plus LGS to 65% from 30% based on what it calls the “robust clinical efficacy” in the PACIFIC study evaluating bexicaserin.
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