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Longboard Pharmaceuticals (NASDAQ:LBPH) received a buy rating from Citi on Thursday and a $40 price target. The launch of this report follows a significant rise in the company's stock price earlier this year, attributed to positive clinical trial results.
The company's stock price soared, soaring more than 400% after promising results were announced in the Phase 1b/2a PACIFIC trial of bexikaserin for the treatment of rare epilepsies, specifically developmental epileptic encephalopathy (DEE). . According to leading analysts, bexicazerine has the potential to outperform existing treatments and could serve a broader patient population in the DEE market.
Although stock prices fell slightly in late January, pfizer (NYSE:) Selling the roughly 20% stake acquired in a previous acquisition could draw the attention of other strategic investors, who analysts say Longboard Pharmaceuticals is considering as a takeover target. It suggests that there is.
Further positive developments are expected in the second half of 2024. Investors are eagerly awaiting updates from the ongoing open-label extension (OLE) trial and additional details regarding the Phase 3 program, which will be shaped by feedback from the U.S. Food and Drug Administration (FDA).
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