Readystate Asset Management LP Makes New Investment in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Readystate Asset Management LP bought a new stake in shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 107,345 shares of the company's stock, valued at approximately $3,578,000. Readystate Asset Management LP owned approximately 0.28% of Longboard Pharmaceuticals at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in LBPH. Vanguard Group Inc. raised its stake in Longboard Pharmaceuticals by 119.3% during the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company's stock valued at $37,248,000 after acquiring an additional 937,998 shares in the last quarter. Emerald Advisers LLC raised its stake in Longboard Pharmaceuticals by 199.2% during the 3rd quarter. Emerald Advisers LLC now owns 683,642 shares of the company's stock valued at $22,786,000 after acquiring an additional 455,119 shares in the last quarter. Braun Stacey Associates Inc. bought a new stake in Longboard Pharmaceuticals during the 3rd quarter valued at $9,971,000. Emerald Mutual Fund Advisers Trust raised its stake in shares of Longboard Pharmaceuticals by 128.5% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 419,462 shares of the company's stock worth $13,981,000 after buying an additional 235,885 shares in the last quarter. Finally, Candriam S.C.A. bought a new stake in shares of Longboard Pharmaceuticals in the 2nd quarter worth $6,106,000. Institutional investors own 63.28% of the company's stock.

Insider Activity at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,667 shares of the business's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $59.03, for a total value of $983,853.01. Following the completion of the sale, the chief marketing officer now owns 17,920 shares of the company's stock, valued at $1,057,817.60. The trade was a 48.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.64% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wedbush downgraded Longboard Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 14th. Truist Financial reissued a "hold" rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. HC Wainwright reissued a "neutral" rating and issued a $60.00 price objective (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. Cantor Fitzgerald reissued a "neutral" rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Finally, Evercore ISI restated an "outperform" rating and issued a $80.00 target price on shares of Longboard Pharmaceuticals in a report on Monday, August 26th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Longboard Pharmaceuticals currently has a consensus rating of "Hold" and an average price target of $59.56.

Longboard Pharmaceuticals Price Performance

LBPH remained flat at $59.98 during trading on Thursday. The firm has a market cap of $2.34 billion, a PE ratio of -26.90 and a beta of 1.00. Longboard Pharmaceuticals, Inc. has a fifty-two week low of $3.60 and a fifty-two week high of $60.03. The company has a 50 day simple moving average of $53.67 and a 200-day simple moving average of $38.07.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.04). Analysts forecast that Longboard Pharmaceuticals, Inc. will post -2.22 EPS for the current fiscal year.

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.