Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Down 5.4% After Insider Selling

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) shares dropped 5.4% on Monday following insider selling activity. The stock traded as low as $32.22 and last traded at $32.47. Approximately 54,651 shares were traded during mid-day 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 on Monday, September 16th. The shares were sold at an average price of $31.64, for a total value of $527,312.24. Following the completion of the transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, 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.

Analyst Upgrades and Downgrades

LBPH has been the subject of several research analyst reports. Citigroup boosted their price target on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Robert W. Baird boosted their price target on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, July 11th. Wedbush boosted their price target on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday. B. Riley boosted their price target on shares of Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 price target on shares of Longboard Pharmaceuticals in a report on Monday. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, Longboard Pharmaceuticals has an average rating of “Buy” and a consensus target price of $60.11.

Longboard Pharmaceuticals Trading Up 6.3 %

The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -13.08 and a beta of 1.24. The stock’s 50 day moving average is $34.96 and its two-hundred day moving average is $25.84.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same period in the previous year, the business earned ($0.65) EPS. On average, research analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.13 earnings per share for the current year.

Institutional Investors Weigh In On Longboard Pharmaceuticals

Institutional investors and hedge funds 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 1st quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock worth $54,000 after buying an additional 1,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Longboard Pharmaceuticals during the 2nd quarter worth about $127,000. SG Americas Securities LLC bought a new stake in Longboard Pharmaceuticals during the 1st quarter worth about $132,000. Arizona State Retirement System bought a new stake in Longboard Pharmaceuticals during the 2nd quarter worth about $216,000. Finally, Denali Advisors LLC bought a new stake in Longboard Pharmaceuticals during the 1st quarter worth about $201,000. 63.28% of the stock is owned by institutional investors.

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.