Ally Bridge Group NY LLC Has $5.92 Million Holdings in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Ally Bridge Group NY LLC decreased its position in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 19.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 218,981 shares of the company’s stock after selling 51,578 shares during the quarter. Longboard Pharmaceuticals accounts for about 3.5% of Ally Bridge Group NY LLC’s investment portfolio, making the stock its 16th biggest holding. Ally Bridge Group NY LLC’s holdings in Longboard Pharmaceuticals were worth $5,919,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its position in Longboard Pharmaceuticals by 70.2% in the second quarter. American Century Companies Inc. now owns 476,390 shares of the company’s stock worth $12,877,000 after acquiring an additional 196,464 shares in the last quarter. Emerald Advisers LLC bought a new position in shares of Longboard Pharmaceuticals in the 2nd quarter valued at approximately $6,177,000. Emerald Mutual Fund Advisers Trust acquired a new stake in Longboard Pharmaceuticals in the 2nd quarter worth approximately $4,962,000. Candriam S.C.A. bought a new stake in Longboard Pharmaceuticals during the second quarter worth approximately $6,106,000. Finally, Arizona State Retirement System bought a new position in shares of Longboard Pharmaceuticals in the second quarter valued at approximately $216,000. Institutional investors and hedge funds own 63.28% of the company’s stock.

Insider Buying and Selling at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,666 shares of the stock in a transaction dated Monday, September 16th. The shares were 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 owns 17,920 shares in the company, valued at approximately $566,988.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders sold 33,433 shares of company stock valued at $1,108,244. 4.64% of the stock is currently owned by company insiders.

Longboard Pharmaceuticals Stock Up 1.5 %

NASDAQ LBPH opened at $33.89 on Monday. The stock has a market cap of $1.32 billion, a P/E ratio of -15.13 and a beta of 1.24. Longboard Pharmaceuticals, Inc. has a twelve month low of $3.60 and a twelve month high of $40.48. The company’s 50-day simple moving average is $34.80 and its 200 day simple moving average is $26.02.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on LBPH shares. Truist Financial assumed coverage on shares of Longboard Pharmaceuticals in a report on Tuesday, September 10th. They set a “buy” rating and a $60.00 price objective for the company. Citigroup boosted their price objective on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Wedbush increased their target price on Longboard Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, September 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Longboard Pharmaceuticals in a research report on Monday, September 16th. Finally, B. Riley increased their price objective on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Longboard Pharmaceuticals presently has an average rating of “Buy” and an average target price of $60.11.

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.