Longboard Pharmaceuticals (NASDAQ:LBPH) Shares Down 5.4% Following Insider Selling

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) were down 5.4% during trading on Monday following insider selling activity. The company traded as low as $32.22 and last traded at $32.47. Approximately 54,651 shares were traded during trading, a decline of 94% from the average daily volume of 855,559 shares. The stock had previously closed at $34.32.

Specifically, CMO Randall Kaye sold 16,666 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $31.64, for a total value of $527,312.24. Following the transaction, the chief marketing officer now owns 17,920 shares in the company, valued at approximately $566,988.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

Several research firms have weighed in on LBPH. Wedbush boosted their price objective on Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday. HC Wainwright raised their target price on Longboard Pharmaceuticals from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday. B. Riley upped their price target on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Truist Financial assumed coverage on Longboard Pharmaceuticals in a report on Tuesday, September 10th. They issued a “buy” rating and a $60.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $60.11.

Longboard Pharmaceuticals Trading Up 6.3 %

The firm has a market cap of $1.14 billion, a PE ratio of -13.08 and a beta of 1.24. The stock has a fifty day simple moving average of $34.96 and a two-hundred day simple moving average of $25.84.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same period last year, the firm posted ($0.65) EPS. As a group, sell-side analysts predict that Longboard Pharmaceuticals, Inc. will post -2.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. lifted its position in Longboard Pharmaceuticals by 93.3% during the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock valued at $54,000 after purchasing an additional 1,200 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Longboard Pharmaceuticals by 30.4% during the second quarter. Squarepoint Ops LLC now owns 13,972 shares of the company’s stock worth $378,000 after purchasing an additional 3,260 shares during the last quarter. American International Group Inc. boosted its holdings in shares of Longboard Pharmaceuticals by 58.6% in the 1st quarter. American International Group Inc. now owns 12,283 shares of the company’s stock worth $265,000 after purchasing an additional 4,540 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Longboard Pharmaceuticals during the 2nd quarter valued at about $127,000. Finally, SG Americas Securities LLC bought a new stake in Longboard Pharmaceuticals in the 1st quarter worth approximately $132,000. Institutional investors own 63.28% of the company’s stock.

Longboard Pharmaceuticals Company Profile

Longboard Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on developing novel and transformative medicines for neurological diseases. The company develops bexicaserin (LP352), which has completed Phase 1b/2a clinical trial for the treatment of seizures associated with developmental and epileptic encephalopathies.