Lord Abbett & CO. LLC Acquires 164,795 Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Lord Abbett & CO. LLC raised its holdings in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 35.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 626,905 shares of the company’s stock after purchasing an additional 164,795 shares during the period. Lord Abbett & CO. LLC owned 1.61% of Longboard Pharmaceuticals worth $20,895,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. KBC Group NV purchased a new position in Longboard Pharmaceuticals in the 3rd quarter valued at approximately $65,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Longboard Pharmaceuticals in the second quarter worth $127,000. Arizona State Retirement System purchased a new position in shares of Longboard Pharmaceuticals in the second quarter valued at $216,000. Mesirow Financial Investment Management Inc. bought a new stake in shares of Longboard Pharmaceuticals during the 3rd quarter valued at $221,000. Finally, Intech Investment Management LLC bought a new stake in shares of Longboard Pharmaceuticals during the 3rd quarter valued at $271,000. Institutional investors own 63.28% of the company’s stock.

Insider Activity at Longboard Pharmaceuticals

In related news, CMO Randall Kaye sold 16,667 shares of the firm’s 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 sale, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $1,057,817.60. This trade represents a 48.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.64% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on LBPH shares. Wedbush lowered Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Truist Financial reiterated a “hold” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. HC Wainwright restated a “neutral” rating and set a $60.00 price target (down from $80.00) on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. 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 research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $59.56.

Longboard Pharmaceuticals Stock Up 0.0 %

NASDAQ LBPH opened at $59.98 on Monday. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -26.90 and a beta of 1.00. The company has a 50-day simple moving average of $57.22 and a two-hundred day simple moving average of $40.21. Longboard Pharmaceuticals, Inc. has a 12-month low of $3.60 and a 12-month high of $60.03.

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 expect that Longboard Pharmaceuticals, Inc. will post -2.22 earnings per share for the current fiscal 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.