Fmr LLC Cuts Position in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Fmr LLC reduced its position in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,350,099 shares of the company’s stock after selling 65,119 shares during the period. Fmr LLC owned approximately 11.18% of Longboard Pharmaceuticals worth $144,989,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in Longboard Pharmaceuticals by 119.3% in the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock valued at $37,248,000 after purchasing an additional 937,998 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Longboard Pharmaceuticals by 748.2% in the first quarter. California State Teachers Retirement System now owns 21,747 shares of the company’s stock valued at $470,000 after purchasing an additional 19,183 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Longboard Pharmaceuticals by 34.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 92,664 shares of the company’s stock valued at $2,505,000 after purchasing an additional 23,774 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Longboard Pharmaceuticals during the 2nd quarter worth approximately $127,000. Finally, Rhumbline Advisers raised its position in shares of Longboard Pharmaceuticals by 41.7% in the 2nd quarter. Rhumbline Advisers now owns 42,476 shares of the company’s stock valued at $1,148,000 after purchasing an additional 12,500 shares in the last quarter. Hedge funds and other institutional investors own 63.28% of the company’s stock.

Analyst Ratings Changes

LBPH has been the subject of a number of recent analyst reports. B. Riley restated a “neutral” rating and issued a $60.00 price target (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. HC Wainwright reissued a “neutral” rating and issued a $60.00 target price (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. Wedbush downgraded Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. Evercore ISI restated an “outperform” rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a research note on Monday, August 26th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $59.56.

Insiders Place Their Bets

In other news, CMO Randall Kaye sold 16,667 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $59.03, for a total value of $983,853.01. Following the completion of the transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at approximately $1,057,817.60. This represents a 48.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 4.64% of the stock is owned by insiders.

Longboard Pharmaceuticals Stock Performance

Shares of NASDAQ LBPH opened at $59.98 on Wednesday. The company has a market cap of $2.34 billion, a price-to-earnings ratio of -26.90 and a beta of 1.00. The stock’s 50 day simple moving average is $52.55 and its 200 day simple moving average is $37.64. Longboard Pharmaceuticals, Inc. has a 12-month low of $3.60 and a 12-month high of $60.03.

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

Longboard Pharmaceuticals 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.