Guggenheim remains bullish on Longboard with PACIFIC data expected by year-end

Guggenheim analyst Yatin Suneja touched base with Longboard Pharmaceuticals’ management to get an update on the ongoing Phase Ib/IIa PACIFIC basket study evaluating LP352 in DEE, and on the status of the IND application for LP659. Management confirmed that enrollment in the PACIFIC study is proceeding well, with completion of enrollment and topline results expected by management in summer 2023 and around year-end 2023, respectively. The firm also notes that management now expects a lower number of Dravet Syndrome patients and more contribution from DEE patients. Guggenheim anticipates the results from this study to inform the regulatory and clinical strategy for the subsequent pivotal trial. The IND for LP659 has not been cleared yet by the FDA because of a partial clinical hold at the highest doses proposed by LBPH, but the company is confident it will be able to initiate the Phase I SAD study in HV later this year. The firm continues to like the differentiated and safer profile of LP352. Guggenheim has a Buy rating on the shares.