Ally Bridge Group NY LLC Reduces Holdings in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Ally Bridge Group NY LLC reduced its position in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 19.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 218,981 shares of the company’s stock after selling 51,578 shares during the period. Longboard Pharmaceuticals makes up about 3.5% of Ally Bridge Group NY LLC’s holdings, making the stock its 16th biggest holding. Ally Bridge Group NY LLC owned approximately 0.56% of Longboard Pharmaceuticals worth $5,919,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of LBPH. Ameritas Investment Partners Inc. lifted its stake in shares of Longboard Pharmaceuticals by 93.3% in the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company’s stock worth $54,000 after acquiring an additional 1,200 shares in 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. Arizona State Retirement System bought a new stake in shares of Longboard Pharmaceuticals in the second quarter worth $216,000. Finally, Denali Advisors LLC bought a new stake in shares of Longboard Pharmaceuticals in the first quarter worth $201,000. 63.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CMO Randall Kaye sold 16,666 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at approximately $566,988.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 33,433 shares of company stock worth $1,108,244 in the last three months. 4.64% of the stock is currently owned by insiders.

Longboard Pharmaceuticals Trading Up 1.5 %

NASDAQ:LBPH opened at $33.89 on Monday. The company has a 50-day moving average of $34.80 and a 200-day moving average of $26.02. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -15.13 and a beta of 1.24. Longboard Pharmaceuticals, Inc. has a twelve month low of $3.60 and a twelve month high of $40.48.

Longboard Pharmaceuticals (NASDAQ:LBPH) last issued its earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same period in the previous year, the company posted ($0.65) EPS. On average, research analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.13 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wedbush raised their price objective on shares of Longboard Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, September 17th. B. Riley lifted their price target on Longboard Pharmaceuticals from $36.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. 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. HC Wainwright lifted their target price on Longboard Pharmaceuticals from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Citigroup upped their price target on Longboard Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, Longboard Pharmaceuticals presently has an average rating of “Buy” and a consensus 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.