Victory Capital Management Inc. Buys New Shares in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Victory Capital Management Inc. bought a new stake in shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 15,773 shares of the company’s stock, valued at approximately $526,000.

A number of other institutional investors also recently modified their holdings of the stock. Mesirow Financial Investment Management Inc. acquired a new position in shares of Longboard Pharmaceuticals during the 3rd quarter valued at $221,000. Emerald Advisers LLC lifted its position in shares of Longboard Pharmaceuticals by 199.2% during the 3rd quarter. Emerald Advisers LLC now owns 683,642 shares of the company’s stock valued at $22,786,000 after acquiring an additional 455,119 shares during the period. Emerald Mutual Fund Advisers Trust lifted its position in shares of Longboard Pharmaceuticals by 128.5% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 419,462 shares of the company’s stock valued at $13,981,000 after acquiring an additional 235,885 shares during the period. SG Americas Securities LLC acquired a new position in shares of Longboard Pharmaceuticals during the 3rd quarter valued at $350,000. Finally, Driehaus Capital Management LLC lifted its position in shares of Longboard Pharmaceuticals by 25.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 488,793 shares of the company’s stock valued at $13,212,000 after acquiring an additional 100,321 shares during the period. Institutional investors and hedge funds own 63.28% of the company’s stock.

Wall Street Analysts Forecast Growth

LBPH has been the topic of a number of research reports. Truist Financial reiterated a “hold” rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. Wedbush downgraded shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Cantor Fitzgerald restated a “neutral” rating on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. B. Riley restated a “neutral” rating and set a $60.00 price objective (up previously from $45.00) on shares of Longboard Pharmaceuticals in a report on Monday, October 14th. Finally, Citigroup upped their price objective on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $59.56.

Longboard Pharmaceuticals Price Performance

Shares of LBPH stock opened at $59.98 on Friday. The firm has a 50-day moving average of $52.01 and a 200-day moving average of $37.13. The company has a market cap of $2.34 billion, a P/E ratio of -26.90 and a beta of 1.07. Longboard Pharmaceuticals, Inc. has a one year low of $3.60 and a one year high of $60.03.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its earnings results on Thursday, November 7th. The company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.04). As a group, research analysts expect that Longboard Pharmaceuticals, Inc. will post -2.22 earnings per share for the current fiscal year.

Insider Activity at Longboard Pharmaceuticals

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 transaction of $983,853.01. Following the completion of the transaction, the chief marketing officer now owns 17,920 shares in the company, valued at approximately $1,057,817.60. This represents a 48.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.64% of the stock is owned by company insiders.

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.