Longboard Pharma drops from record high ahead of stock offering

Longboard Pharmaceuticals

03/01/2024 19:11

** Longboard Pharmaceuticals Inc's  LBPH.O  stock down 8.3%
at $23 as co seeks equity raise
    ** LBPH shares surged 316.3% to record high close of $25.10
on Tues after co's epilepsy drug met main goal in an
early-to-mid stage study
    ** After the bell Tues, co commenced $150 mln stock offering
    ** Cantor Fitzgerald and Citigroup acting as jt lead
bookrunners; offering slated to price Weds after market close
    ** Co has ~23.9 mln shares outstanding for roughly $550 mln
market cap
    ** All 7 analysts covering LBPH are bullish, including 2
"strong buy" ratings, per LSEG
    ** Median PT of $32 has doubled from a month ago

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))