UPDATE: Cantor Fitzgerald Starts Longboard Pharmaceuticals Inc (LBPH) at Overweight; Sees Near Double
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Cantor Fitzgerald analyst Alethia Young initiates coverage on Longboard Pharmaceuticals Inc (NASDAQ: LBPH) with an Overweight rating and a price target of $32.00.
The analyst commented, "Longboard was spun out of Arena Pharmaceuticals, which has an expertise in G-Coupled Protein Receptor (GPCR) science. In particular, Longboard is focused on novel medicines within the neuro space with a focus on rare diseases. We believe that Longboard's ability to leverage Arena's scientific expertise is a significant positive for the probability of success for its own platform. Longboard is developing next-generation assets that are meant to improve on similar assets already developed but with great selectivity. As a result, we think that Longboard could have best-in-class assets using known targets in areas where high unmet need still exists. Over the next 12-15 months, we think that lead asset LP352 should be significantly de-risked with clinical data. In the same timeframe, the company will also be moving two other assets into the clinic LP143 (CB2) and LP659 (S1P1,5)."
The analyst added, "We believe that leveraging Arena's (OW, Young) platform gives Longboard a unique competitive advantage in developing next-generation assets."
Shares of Longboard Pharmaceuticals Inc closed at $16.67 yesterday.
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Related EntitiesCantor Fitzgerald, Alethia Young
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