Buy Rating Affirmed on Longboard Pharmaceuticals with Promising Bexicaserin Developments and Regulatory Milestones Ahead

Longboard Pharmaceuticals (LBPH) has received a new Buy rating, initiated by Robert W. Baird analyst, Joel Beatty.

Joel Beatty has given his Buy rating due to a combination of factors surrounding Longboard Pharmaceuticals’s promising developments. The company’s lead agent, bexicaserin, has shown a robust profile in the phase 2a PACIFIC study for treating rare seizure disorders, significantly outperforming the placebo. This promising result suggests that bexicaserin could become a leading treatment option, surpassing current competitors like Fintepla due to its efficacy and reduced cardiovascular risk. Beatty’s optimism is underpinned by the drug’s specificity and the potential for a broader treatment label that could substantially increase the addressable market.

Furthermore, Beatty’s outlook is bolstered by the anticipated regulatory updates and the commencement of a global phase 3 study for bexicaserin by the end of the year. With a conservative estimate of approval odds for certain conditions, there’s also the prospect of approval for a wider range of developmental and epileptic encephalopathies. Additionally, Beatty sees untapped value in Longboard’s second pipeline agent, LP659, with phase 1 data expected soon. The outcomes of this early research could further de-risk the investment and provide additional upside to the company’s valuation.

In another report released on April 16, H.C. Wainwright also reiterated a Buy rating on the stock with a $60.00 price target.

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

Longboard Pharmaceuticals (LBPH) Company Description:

Longboard Pharmaceuticals Inc is a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. Its pipeline includes LP352, LP143, and LP659.