Longboard price target raised to $90 from $60 at Cantor Fitzgerald

Cantor Fitzgerald analyst Josh Schimmer raised the firm’s price target on Longboard Pharmaceuticals to $90 from $60 and keeps an Overweight rating on the shares after the company announced the FDA has granted Breakthrough Therapy designation for its investigational drug bexicaserin for the treatment of seizures associated with developmental and epileptic encephalopathies for patients two years of age or older. By granting the Breakthrough Therapy designation for the broad DEE group of seizures, the FDA is indicating it’s not only open to Longboard’s approach, but “supportive and enabling,” the analyst tells investors in a research note.the analyst tells investors in a research note.