Insider Selling: Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) CMO Sells 16,666 Shares of Stock

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) 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 transaction of $527,312.24. Following the completion of the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at $566,988.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Randall Kaye also recently made the following trade(s):

• On Monday, August 12th, Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock. The shares were sold at an average price of $34.73, for a total transaction of $578,844.91.
• On Tuesday, June 25th, Randall Kaye sold 100 shares of Longboard Pharmaceuticals stock. The stock was sold at an average price of $20.87, for a total transaction of $2,087.00.

Longboard Pharmaceuticals Price Performance

Shares of Longboard Pharmaceuticals stock opened at $27.58 on Wednesday. The company has a market cap of $1.07 billion, a PE ratio of -12.31 and a beta of 1.24. The firm has a fifty day moving average price of $35.11 and a two-hundred day moving average price of $25.82. Longboard Pharmaceuticals, Inc. has a fifty-two week low of $3.60 and a fifty-two week high of $40.48.

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

Institutional Trading of Longboard Pharmaceuticals

A number of hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc raised its stake in shares of Longboard Pharmaceuticals by 46.8% in the fourth quarter. CIBC Asset Management Inc now owns 212,178 shares of the company’s stock valued at $1,279,000 after purchasing an additional 67,607 shares in the last quarter. Parkman Healthcare Partners LLC raised its stake in shares of Longboard Pharmaceuticals by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 429,892 shares of the company’s stock valued at $2,592,000 after buying an additional 73,935 shares in the last quarter. Platinum Investment Management Ltd. bought a new position in shares of Longboard Pharmaceuticals during the 4th quarter worth about $766,000. Jennison Associates LLC boosted its position in shares of Longboard Pharmaceuticals by 96.0% during the 1st quarter. Jennison Associates LLC now owns 942,404 shares of the company’s stock valued at $20,356,000 after acquiring an additional 461,576 shares in the last quarter. Finally, Swiss National Bank bought a new stake in Longboard Pharmaceuticals in the first quarter valued at about $914,000. Institutional investors own 63.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LBPH. Evercore ISI reaffirmed an “outperform” rating and issued a $80.00 price target on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 target price on shares of Longboard Pharmaceuticals in a report on Monday. Citigroup increased their price target on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Wedbush boosted their price objective on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Truist Financial started coverage on shares of Longboard Pharmaceuticals in a research note on Tuesday, September 10th. They issued a “buy” rating and a $60.00 target price on the stock. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $57.89.

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.