107,345 Shares in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Acquired by Readystate Asset Management LP

Readystate Asset Management LP purchased a new position in shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) in the 3rd quarter, Holdings Channel reports. The firm purchased 107,345 shares of the company’s stock, valued at approximately $3,578,000.

Other institutional investors also recently bought and sold shares of the company. KBC Group NV purchased a new stake in Longboard Pharmaceuticals during the third quarter worth approximately $65,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Longboard Pharmaceuticals during the second quarter worth approximately $127,000. Mesirow Financial Investment Management Inc. purchased a new stake in Longboard Pharmaceuticals during the third quarter worth approximately $221,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Longboard Pharmaceuticals by 64.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,744 shares of the company’s stock worth $258,000 after buying an additional 3,028 shares during the period. Finally, Arizona State Retirement System purchased a new stake in Longboard Pharmaceuticals during the second quarter worth approximately $216,000. 63.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on LBPH shares. Wedbush downgraded shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. HC Wainwright restated a “neutral” rating and issued a $60.00 target price (down from $80.00) on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Truist Financial reaffirmed a “hold” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. B. Riley reaffirmed a “neutral” rating and issued a $60.00 price target (up from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $80.00 price target 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 assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $59.56.

Longboard Pharmaceuticals Price Performance

LBPH stock opened at $59.98 on Thursday. Longboard Pharmaceuticals, Inc. has a fifty-two week low of $3.60 and a fifty-two week high of $60.03. The firm’s 50-day simple moving average is $53.10 and its 200 day simple moving average is $37.92. The stock has a market cap of $2.34 billion, a PE ratio of -26.90 and a beta of 1.00.

Longboard Pharmaceuticals (NASDAQ:LBPH) last released its quarterly earnings data 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). Equities analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CMO Randall Kaye sold 16,667 shares of the 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 owns 17,920 shares in the company, valued at $1,057,817.60. This represents a 48.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.64% of the company’s stock.

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.