Geode Capital Management LLC Raises Stake in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Geode Capital Management LLC lifted its stake in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 9.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 746,147 shares of the company’s stock after purchasing an additional 63,756 shares during the quarter. Geode Capital Management LLC owned about 1.92% of Longboard Pharmaceuticals worth $24,874,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. KBC Group NV bought a new position in Longboard Pharmaceuticals in the 3rd quarter worth about $65,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Longboard Pharmaceuticals in the second quarter worth about $127,000. Mesirow Financial Investment Management Inc. bought a new position in shares of Longboard Pharmaceuticals in the third quarter worth approximately $221,000. Arizona State Retirement System purchased a new stake in shares of Longboard Pharmaceuticals during the second quarter valued at approximately $216,000. Finally, Intech Investment Management LLC purchased a new position in Longboard Pharmaceuticals in the 3rd quarter worth approximately $271,000. 63.28% of the stock is owned by hedge funds and other institutional investors.

Longboard Pharmaceuticals Stock Up 0.0 %

NASDAQ LBPH opened at $59.98 on Friday. The business has a 50-day moving average price of $59.83 and a 200-day moving average price of $42.80. Longboard Pharmaceuticals, Inc. has a twelve month low of $3.60 and a twelve month high of $60.03. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -26.90 and a beta of 1.00.

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

Insider Activity

In other news, CMO Randall Kaye sold 16,667 shares of the business’s stock in a transaction dated 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 $1,057,817.60. The trade was a 48.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Truist Financial reissued a “hold” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. B. Riley reissued a “neutral” rating and issued a $60.00 target price (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. HC Wainwright restated a “neutral” rating and issued a $60.00 target price (down previously from $80.00) on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Finally, Wedbush lowered shares of Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Longboard Pharmaceuticals currently has an average rating of “Hold” and a consensus target price of $59.56.

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.