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Biotech stock Longboard Pharmaceuticals (LBPH) launched to a record high Tuesday, catapulting as much as 326%, after the company announced promising test results for a seizure treatment.
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The company is working on a treatment for developmental and epileptic encephalopathies. These are epileptic conditions due to progressive dysfunction in the brain. In a study called Pacific, patients who received Longboard’s drug had 32.5% fewer seizures than placebo recipients.
Longboard’s drug, bexicaserin, also proved tolerable. Nearly nine in 10 patients who received the high-dose maintenance treatment were able to continue receiving the drug. The most common side effects were sleepiness, decreased appetite, constipation, diarrhea and lethargy.
On today’s stock market, Longboard stock soared 316.3% to close at 25.10. Collectively, biotech stocks rose about 1%, MarketSmith.com shows.
This put the biotech stock at its highest-ever point. But it’s important to note Longboard stock closed out 2023 at 6.03. So, the massive move is, in part, due to its prior status as a dollar stock.
Still, shares have a strong Relative Strength Rating of 87, according to IBD Digital, putting the biotech stock in the leading 13% of all stocks when it comes to 12-month performance. Longboard was the best-performing stock in IBD’s industry group of 785 biotech stocks on Tuesday.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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