Longboard Pharmaceuticals, Inc. (LBPH) gains attention with its premarket surge

On January 3, 2024, Longboard Pharmaceuticals, Inc. (LBPH) drew attention with an exceptional showing during the pre-market trading session. The stock climbed to $14.89, exhibiting a remarkable change of 146.932%, accompanied by a noteworthy trading volume of 2.92 million shares.

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The pre-market hours, known for increased unpredictability and limited trading activity, witnessed LBPH making waves. The substantial surge in both price and volume not only highlighted significant investor interest but also hinted at potential market implications for the day ahead.

The intriguing performance of Longboard Pharmaceuticals in the pre-market period invites a closer examination of the underlying factors driving this surge, fostering anticipation for its effects as the trading day unfolds.

Recent Highlights

On January 02, 2024, Longboard Pharmaceuticals, Inc. (Nasdaq: LBPH) made public its initiation of an underwritten public offering, contingent upon various market and other conditions, to issue and sell approximately $150 million worth of shares of its voting common stock.

As part of this proposed offering, Longboard anticipates providing the underwriters a 30-day option to acquire an additional roughly $22.5 million worth of shares of voting common stock. The completion of the proposed offering, its timing, or the precise size and terms remain uncertain.

Cantor and Citigroup are jointly leading the book-running as managers for the proposed offering, while Wedbush PacGrow and H.C. Wainwright & Co. are serving as lead managers. This offering is being executed by two shelf registration statements on Form S-3, including base prospectuses, declared effective by the Securities and Exchange Commission (SEC) on October 11, 2022, and August 11, 2023, respectively.

Details about the offering will be available through a preliminary prospectus supplement and accompanying prospectuses, to be filed with the SEC and accessible on its website. For additional information, interested parties may contact Cantor Fitzgerald & Co. or Citigroup Global Markets Inc.