Point72 Asset Management L.P. Lowers Holdings in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Point72 Asset Management L.P. decreased its stake in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 25.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,031,371 shares of the company’s stock after selling 343,629 shares during the quarter. Point72 Asset Management L.P. owned approximately 2.65% of Longboard Pharmaceuticals worth $27,878,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Ameritas Investment Partners Inc. boosted 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 worth $54,000 after purchasing an additional 1,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Longboard Pharmaceuticals during the second quarter worth approximately $127,000. SG Americas Securities LLC purchased a new position in Longboard Pharmaceuticals during the first quarter worth approximately $132,000. Denali Advisors LLC purchased a new position in Longboard Pharmaceuticals during the first quarter worth approximately $201,000. Finally, Arizona State Retirement System purchased a new position in Longboard Pharmaceuticals during the second quarter worth approximately $216,000. Hedge funds and other institutional investors own 63.28% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on LBPH. Wedbush increased their price target on Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 17th. Evercore ISI reiterated an “outperform” rating and set a $80.00 price target on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. B. Riley increased their price target on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Truist Financial began coverage on Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They set a “buy” rating and a $60.00 price target on the stock. Finally, 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. Nine analysts have rated the stock with a buy rating, According to MarketBeat, Longboard Pharmaceuticals currently has an average rating of “Buy” and an average target price of $60.11.

Insider Activity

In other news, CMO Randall Kaye sold 16,666 shares of Longboard Pharmaceuticals stock in a transaction 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 4.64% of the company’s stock.

Longboard Pharmaceuticals Stock Down 0.2 %

LBPH stock opened at $31.20 on Friday. The business has a fifty day moving average of $34.35 and a two-hundred day moving average of $26.31. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -13.93 and a beta of 1.24. Longboard Pharmaceuticals, Inc. has a 52-week low of $3.60 and a 52-week high of $40.48.

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 in the prior year, the business earned ($0.65) earnings per share. As a group, sell-side analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.19 EPS for the current year.

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.