Lord Abbett & CO. LLC Buys 164,795 Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Lord Abbett & CO. LLC boosted its stake in shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) by 35.7% in the third quarter, Holdings Channel reports. The institutional investor owned 626,905 shares of the company’s stock after purchasing an additional 164,795 shares during the period. Lord Abbett & CO. LLC’s holdings in Longboard Pharmaceuticals were worth $20,895,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. KBC Group NV bought a new position in shares of Longboard Pharmaceuticals during the third quarter valued at $65,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Longboard Pharmaceuticals during the 2nd quarter valued at about $127,000. Mesirow Financial Investment Management Inc. purchased a new stake in Longboard Pharmaceuticals during the 3rd quarter valued at about $221,000. Arizona State Retirement System bought a new stake in Longboard Pharmaceuticals during the 2nd quarter valued at about $216,000. Finally, Intech Investment Management LLC purchased a new position in Longboard Pharmaceuticals in the third quarter worth about $271,000. Hedge funds and other institutional investors own 63.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on LBPH shares. 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. Truist Financial restated a “hold” rating and issued a $60.00 price target on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Wedbush lowered Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Finally, HC Wainwright restated a “neutral” rating and set a $60.00 target price (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. 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 company currently has an average rating of “Hold” and a consensus price target of $59.56.

Insider Activity at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals 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 of the company’s stock, valued at $1,057,817.60. This represents a 48.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.64% of the stock is owned by corporate insiders.

Longboard Pharmaceuticals Stock Up 0.0 %

NASDAQ LBPH opened at $59.98 on Monday. Longboard Pharmaceuticals, Inc. has a 52 week low of $3.60 and a 52 week high of $60.03. The company has a market capitalization of $2.34 billion, a P/E ratio of -26.90 and a beta of 1.00. The stock’s 50-day moving average price is $57.22 and its 200-day moving average price is $40.21.

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