Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Shares Sold by Marshall Wace LLP

Marshall Wace LLP lessened its holdings in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 18.3% in the second quarter, HoldingsChannel.com reports. The firm owned 462,623 shares of the company’s stock after selling 103,875 shares during the period. Marshall Wace LLP’s holdings in Longboard Pharmaceuticals were worth $12,505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in LBPH. RA Capital Management L.P. bought a new position in shares of Longboard Pharmaceuticals in the 1st quarter worth about $71,045,000. Farallon Capital Management LLC boosted its stake in Longboard Pharmaceuticals by 88.4% in the first quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock valued at $63,515,000 after acquiring an additional 1,380,000 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Longboard Pharmaceuticals by 36.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock valued at $47,910,000 after acquiring an additional 591,013 shares during the period. Vanguard Group Inc. grew its holdings in shares of Longboard Pharmaceuticals by 119.3% during the first 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 during the last quarter. Finally, Integral Health Asset Management LLC raised its position in shares of Longboard Pharmaceuticals by 12.8% during the 2nd quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the company’s stock worth $29,733,000 after purchasing an additional 125,000 shares during the period. Institutional investors own 63.28% of the company’s stock.

Insider Activity at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,666 shares of the company’s stock in a transaction dated 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 sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at approximately $566,988.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.64% of the company’s stock.

Analyst Upgrades and Downgrades

LBPH has been the subject of a number of recent research reports. 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. Robert W. Baird upped their price target on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, July 11th. Truist Financial began coverage on shares of Longboard Pharmaceuticals in a research report on Tuesday, September 10th. They issued a “buy” rating and a $60.00 price objective on the stock. HC Wainwright upped their target price on shares of Longboard Pharmaceuticals from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Wedbush raised their price target on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, September 17th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $60.11.

Longboard Pharmaceuticals Price Performance

Longboard Pharmaceuticals stock opened at $32.00 on Friday. Longboard Pharmaceuticals, Inc. has a 12-month low of $3.60 and a 12-month high of $40.48. The stock has a market capitalization of $1.24 billion, a PE ratio of -14.29 and a beta of 1.24. The firm has a 50 day simple moving average of $34.27 and a 200-day simple moving average of $26.45.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same quarter in the previous year, the company earned ($0.65) earnings per share. On average, analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.19 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.