Longboard Pharmaceuticals (NASDAQ:LBPH) Trading Down 5.4% After Insider Selling

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)’s share price traded down 5.4% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $32.22 and last traded at $32.47. 54,651 shares were traded during trading, a decline of 94% from the average session volume of 855,559 shares. The stock had previously closed at $34.32.

Specifically, CMO Randall Kaye sold 16,666 shares of Longboard Pharmaceuticals stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $31.64, for a total transaction of $527,312.24. Following the sale, the chief marketing officer now directly owns 17,920 shares of the company’s stock, valued at $566,988.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

LBPH has been the topic of a number of recent research reports. Robert W. Baird lifted their price objective on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, July 11th. Citigroup lifted their target price on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Truist Financial assumed coverage on shares of Longboard Pharmaceuticals in a research note on Tuesday, September 10th. They issued a “buy” rating and a $60.00 target price for the company. Wedbush lifted their target price on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 target price on shares of Longboard Pharmaceuticals in a research note on Monday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $60.11.

Longboard Pharmaceuticals Stock Performance

The firm’s 50-day moving average is $34.96 and its two-hundred day moving average is $25.84. The stock has a market cap of $1.14 billion, a P/E ratio of -13.08 and a beta of 1.24.

Longboard Pharmaceuticals (NASDAQ:LBPH) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.56) earnings per share 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, research analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.13 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. RA Capital Management L.P. acquired a new stake in Longboard Pharmaceuticals during the 1st quarter worth $71,045,000. Farallon Capital Management LLC grew its holdings in Longboard Pharmaceuticals by 88.4% during the 1st quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock worth $63,515,000 after acquiring an additional 1,380,000 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Longboard Pharmaceuticals by 36.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock worth $47,910,000 after acquiring an additional 591,013 shares during the period. Vanguard Group Inc. grew its holdings in Longboard Pharmaceuticals by 119.3% during the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock worth $37,248,000 after acquiring an additional 937,998 shares during the period. Finally, Integral Health Asset Management LLC grew its holdings in 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 acquiring an additional 125,000 shares during the period. Institutional investors own 63.28% of the company’s stock.

About Longboard Pharmaceuticals

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.