Emerald Mutual Fund Advisers Trust Invests $4.96 Million in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Emerald Mutual Fund Advisers Trust bought a new stake in shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 183,577 shares of the company’s stock, valued at approximately $4,962,000. Emerald Mutual Fund Advisers Trust owned about 0.47% of Longboard Pharmaceuticals as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of LBPH. RA Capital Management L.P. purchased a new position in Longboard Pharmaceuticals during the 1st quarter worth $71,045,000. Farallon Capital Management LLC boosted its holdings in Longboard Pharmaceuticals by 88.4% during the first quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock worth $63,515,000 after purchasing an additional 1,380,000 shares during the last quarter. Vanguard Group Inc. grew its position in Longboard Pharmaceuticals by 119.3% in the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock worth $37,248,000 after purchasing an additional 937,998 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Longboard Pharmaceuticals by 36.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock valued at $47,910,000 after buying an additional 591,013 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in shares of Longboard Pharmaceuticals during the 1st quarter worth approximately $10,264,000. Institutional investors own 63.28% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on LBPH. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 target price on shares of Longboard Pharmaceuticals in a report on Friday, August 2nd. Evercore ISI reaffirmed an “outperform” rating and set a $80.00 target price on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Wedbush lowered their target price on Longboard Pharmaceuticals from $42.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. HC Wainwright restated a “buy” rating and set a $60.00 price target on shares of Longboard Pharmaceuticals in a research report on Thursday, August 22nd. Finally, Robert W. Baird lifted their price objective on shares of Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, July 11th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Longboard Pharmaceuticals presently has an average rating of “Buy” and a consensus target price of $57.13.

Insider Transactions at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $34.73, for a total transaction of $578,844.91. Following the completion of the transaction, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at approximately $622,361.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.64% of the company’s stock.

Longboard Pharmaceuticals Stock Performance

Shares of Longboard Pharmaceuticals stock opened at $34.86 on Friday. The stock has a market capitalization of $1.36 billion, a P/E ratio of -15.56 and a beta of 1.24. Longboard Pharmaceuticals, Inc. has a 52-week low of $3.60 and a 52-week high of $40.48. The stock’s 50-day simple moving average is $35.05 and its 200 day simple moving average is $25.28.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same quarter in the prior year, the firm posted ($0.65) EPS. Equities research analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.12 EPS for the current fiscal year.

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.