Arizona State Retirement System Takes $216,000 Position in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Arizona State Retirement System purchased a new position in shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 7,994 shares of the company’s stock, valued at approximately $216,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LBPH. Ameritas Investment Partners Inc. boosted its holdings in Longboard Pharmaceuticals by 93.3% in the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock valued at $54,000 after purchasing an additional 1,200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Longboard Pharmaceuticals during the 2nd quarter valued at approximately $127,000. SG Americas Securities LLC acquired a new stake in shares of Longboard Pharmaceuticals during the first quarter worth approximately $132,000. Denali Advisors LLC bought a new stake in shares of Longboard Pharmaceuticals in the first quarter worth $201,000. Finally, American International Group Inc. raised its holdings in Longboard Pharmaceuticals by 58.6% in the first quarter. American International Group Inc. now owns 12,283 shares of the company’s stock valued at $265,000 after acquiring an additional 4,540 shares in the last quarter. 63.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Longboard Pharmaceuticals

In other news, CMO Randall Kaye sold 16,667 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $34.73, for a total transaction of $578,844.91. Following the transaction, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at $622,361.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 33,433 shares of company stock valued at $1,108,244 in the last quarter. Corporate insiders own 4.64% of the company’s stock.

Longboard Pharmaceuticals Stock Performance

LBPH stock opened at $29.31 on Thursday. The stock’s fifty day moving average is $34.96 and its two-hundred day moving average is $25.84. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -13.08 and a beta of 1.24. Longboard Pharmaceuticals, Inc. has a 1 year low of $3.60 and a 1 year high of $40.48.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its earnings results on Thursday, August 1st. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same period in the previous year, the company posted ($0.65) EPS. As a group, analysts predict that Longboard Pharmaceuticals, Inc. will post -2.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

LBPH has been the subject of several research analyst reports. Citigroup boosted their target price on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Truist Financial started coverage on Longboard Pharmaceuticals in a report on Tuesday, September 10th. They issued a “buy” rating and a $60.00 price objective for the company. Evercore ISI reaffirmed an “outperform” rating and set a $80.00 target price on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Robert W. Baird upped their price target on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, July 11th. Finally, HC Wainwright lifted their price objective on shares of Longboard Pharmaceuticals from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $60.11.

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.