Longboard price target raised to $55 from $35 at Cantor Fitzgerald

Cantor Fitzgerald analyst Josh Schimmer raised the firm’s price target on Longboard Pharmaceuticals to $55 from $35 and keeps an Overweight rating on the shares after the company announced positive topline data from the PACIFIC Study evaluating bexicaserin for seizures associated with a broad range of developmental and epileptic encephalopathies. The data are “comfortably in” Cantor’s “home run” scenario range, the analyst tells investors in a research note. The firm now has higher conviction that the program is “substantially derisked” and can support peak bexicaserin sales over $1B and potentially over $2B. Longboard remains a top pick at Cantor.