Longboard Pharmaceuticals price target raised to $32 from $22 at Wedbush

Wedbush raised the firm’s price target on Longboard Pharmaceuticals to $32 from $22 and keeps an Outperform rating on the shares. Longboard’s upsized offering yields $242M in proceeds, the firm notes. Wedbush previously modeled a $60M raise. Thus, while the timing was essentially in-line, the magnitude was substantially greater. More importantly, the offering eliminates any near-term cash runway overhang and provides resources to advance bexicaserin.