Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Shares Acquired by State Street Corp

State Street Corp boosted its stake in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 6.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 855,814 shares of the company’s stock after purchasing an additional 53,962 shares during the period. State Street Corp’s holdings in Longboard Pharmaceuticals were worth $28,524,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Emerald Advisers LLC grew its stake in shares of Longboard Pharmaceuticals by 199.2% in the third quarter. Emerald Advisers LLC now owns 683,642 shares of the company’s stock valued at $22,786,000 after buying an additional 455,119 shares in the last quarter. Braun Stacey Associates Inc. purchased a new position in Longboard Pharmaceuticals in the 3rd quarter worth approximately $9,971,000. Emerald Mutual Fund Advisers Trust grew its position in Longboard Pharmaceuticals by 128.5% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 419,462 shares of the company’s stock valued at $13,981,000 after acquiring an additional 235,885 shares in the last quarter. Candriam S.C.A. purchased a new stake in shares of Longboard Pharmaceuticals during the second quarter valued at approximately $6,106,000. Finally, American Century Companies Inc. lifted its position in shares of Longboard Pharmaceuticals by 70.2% during the second quarter. American Century Companies Inc. now owns 476,390 shares of the company’s stock worth $12,877,000 after purchasing an additional 196,464 shares in the last quarter. 63.28% of the stock is owned by hedge funds and other institutional investors.

Longboard Pharmaceuticals Stock Up 0.0 %

Shares of NASDAQ LBPH opened at $59.98 on Friday. The stock’s 50 day moving average price is $59.75 and its two-hundred day moving average price is $41.35. Longboard Pharmaceuticals, Inc. has a 52-week low of $3.60 and a 52-week high of $60.03. The stock has a market capitalization of $2.34 billion, a P/E ratio of -26.90 and a beta of 1.00.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.04). On average, analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.22 EPS for the current year.

Insider Buying and Selling at Longboard Pharmaceuticals

In other news, CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock in a transaction dated Tuesday, October 15th. The shares were 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 directly owns 17,920 shares of the company’s stock, valued at approximately $1,057,817.60. The trade was a 48.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.64% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on LBPH. B. Riley reaffirmed a “neutral” rating and set a $60.00 price target (up from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Cantor Fitzgerald restated a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Wedbush lowered Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. HC Wainwright reissued a “neutral” rating and issued a $60.00 price target (down previously from $80.00) on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Finally, Evercore ISI restated an “outperform” rating and set a $80.00 price objective on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $59.56.

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.