Longboard Pharmaceuticals downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Longboard Pharmaceuticals to Neutral from Buy with a price target of $60, down from $80, after Denmark-based biopharmaceutical company Lundbeck agreed to commence a tender offer for all outstanding shares of Longboard common stock at $60 a share in cash, or approximately $2.6B equity value. The firm believes the deal value, a 77% premium to the 30-day volume-weighted average price of Longboard shares as of September 30, validates its confidence in the “blockbuster,” or $1B revenue per year, potential of bexicaserin, Longboard’s lead program in the treatment of developmental and epileptic encephalopathies, or DEEs.