Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its holdings in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 3.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 113,411 shares of the company’s stock after selling 4,328 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.29% of Longboard Pharmaceuticals worth $3,780,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in shares of Longboard Pharmaceuticals by 34.5% in the second quarter. Bank of New York Mellon Corp now owns 92,664 shares of the company’s stock valued at $2,505,000 after purchasing an additional 23,774 shares during the period. American Century Companies Inc. grew its stake in shares of Longboard Pharmaceuticals by 70.2% in the 2nd quarter. American Century Companies Inc. now owns 476,390 shares of the company’s stock valued at $12,877,000 after buying an additional 196,464 shares during the period. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Longboard Pharmaceuticals during the 2nd quarter worth approximately $4,962,000. Candriam S.C.A. purchased a new stake in shares of Longboard Pharmaceuticals during the 2nd quarter valued at approximately $6,106,000. Finally, Braun Stacey Associates Inc. acquired a new position in Longboard Pharmaceuticals in the third quarter valued at approximately $9,971,000. 63.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on LBPH. B. Riley reissued a “neutral” rating and set a $60.00 target price (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Truist Financial restated a “hold” rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Wedbush cut shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Finally, Evercore ISI restated an “outperform” rating and issued a $80.00 price objective 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $59.56.

Longboard Pharmaceuticals Price Performance

Longboard Pharmaceuticals stock opened at $59.98 on Friday. Longboard Pharmaceuticals, Inc. has a 52-week low of $3.60 and a 52-week high of $60.03. The firm has a market cap of $2.34 billion, a PE ratio of -26.90 and a beta of 1.00. The company’s 50 day moving average is $54.80 and its two-hundred day moving average is $38.49.

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

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 Tuesday, October 15th. The shares were sold at an average price of $59.03, for a total value of $983,853.01. Following the sale, the chief marketing officer now directly owns 17,920 shares in the company, valued at approximately $1,057,817.60. This trade represents a 48.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.64% of the stock is owned by corporate insiders.

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.