Longboard Pharmaceuticals price target raised to $45 from $40 at Citi

Citi raised the firm’s price target on Longboard Pharmaceuticals to $45 from $40 and keeps a Buy rating on the shares. The Breakthrough Therapy Designation for bexicaserin in developmental and epileptic encephalopathies patients aged two and older is accompanied by confirmation that FDA has agreed to a Phase 3 basket study approach which would capture a broad label, the analyst tells investors in a research note. The firm de-risked the DEE indication in its model and says its worldwide peak sales estimate of $1.6B is likely conservative.