Geode Capital Management LLC Boosts Holdings in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Geode Capital Management LLC lifted its position in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 9.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 746,147 shares of the company’s stock after acquiring an additional 63,756 shares during the quarter. Geode Capital Management LLC’s holdings in Longboard Pharmaceuticals were worth $24,874,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. KBC Group NV bought a new position in shares of Longboard Pharmaceuticals during the third quarter valued at approximately $65,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Longboard Pharmaceuticals during the 2nd quarter worth approximately $127,000. Mesirow Financial Investment Management Inc. bought a new position in Longboard Pharmaceuticals in the 3rd quarter valued at $221,000. Arizona State Retirement System purchased a new stake in Longboard Pharmaceuticals in the second quarter worth $216,000. Finally, Intech Investment Management LLC purchased a new stake in Longboard Pharmaceuticals in the 3rd quarter valued at about $271,000. 63.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals 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 completion of the transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at approximately $1,057,817.60. The trade was a 48.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.64% of the stock is currently owned by corporate insiders.

Longboard Pharmaceuticals Price Performance

Shares of NASDAQ:LBPH opened at $59.98 on Friday. The firm has a market capitalization of $2.34 billion, a P/E ratio of -26.90 and a beta of 1.00. The business’s 50-day moving average is $59.83 and its 200 day moving average is $42.80. Longboard Pharmaceuticals, Inc. has a 1 year low of $3.60 and a 1 year high of $60.03.

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

Analysts Set New Price Targets

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

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.