Longboard Pharmaceuticals price target raised to $32 from $16 at Guggenheim

Guggenheim raised the firm’s price target on Longboard Pharmaceuticals to $32 from $16 and keeps a Buy rating on the shares. Longboard presented “solid” positive topline data from the Phase Ib/IIa study testing LP352 in developmental and epileptic encephalopathies, boding well for the pivotal program, the analyst tells investors in a research note. The firm notes that bexicaserin achieved a median seizure reduction of 53.3% in countable motor seizures vs. 20.8% in the placebo group across the DEE study population.