Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Stake Lessened by Fmr LLC

Fmr LLC decreased its position in shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 1.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 4,350,099 shares of the company’s stock after selling 65,119 shares during the quarter. Fmr LLC owned 0.11% of Longboard Pharmaceuticals worth $144,989,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in LBPH. KBC Group NV bought a new stake in shares of Longboard Pharmaceuticals in the 3rd quarter worth $65,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Longboard Pharmaceuticals during the second quarter worth about $127,000. Arizona State Retirement System bought a new stake in Longboard Pharmaceuticals in the second quarter worth about $216,000. Mesirow Financial Investment Management Inc. acquired a new stake in Longboard Pharmaceuticals in the 3rd quarter valued at about $221,000. Finally, Intech Investment Management LLC bought a new position in shares of Longboard Pharmaceuticals during the 3rd quarter valued at about $271,000. 63.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on LBPH. Truist Financial reiterated a “hold” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Wedbush lowered Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. B. Riley reaffirmed a “neutral” rating and set a $60.00 target price (up from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. HC Wainwright reiterated a “neutral” rating and issued a $60.00 price target (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Longboard Pharmaceuticals presently has a consensus rating of “Hold” and a consensus target price of $59.56.

Insider Buying and Selling at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the company’s stock in a transaction dated 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 directly owns 17,920 shares of the company’s stock, valued at $566,988.80. This represents a 48.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.64% of the company’s stock.

Longboard Pharmaceuticals Stock Performance

Shares of Longboard Pharmaceuticals stock opened at $59.98 on Wednesday. Longboard Pharmaceuticals, Inc. has a 1 year low of $3.60 and a 1 year high of $60.03. The stock has a 50-day moving average price of $52.55 and a 200 day moving average price of $37.64. The company has a market cap of $2.34 billion, a P/E ratio of -26.90 and a beta of 1.00.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.04). On average, equities analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.22 earnings per share for the current fiscal year.

About Longboard Pharmaceuticals

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.