Fmr LLC Has $144.99 Million Stock Position in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

FMR LLC cut its holdings in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Free Report) by 1.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,350,099 shares of the company's stock after selling 65,119 shares during the period. FMR LLC owned about 11.18% of Longboard Pharmaceuticals worth $144,989,000 as of its most recent filing with the SEC.

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

Longboard Pharmaceuticals Stock Performance

Shares of Longboard Pharmaceuticals stock remained flat at $59.98 during trading on Wednesday. The stock has a 50-day moving average price of $53.10 and a 200-day moving average price of $37.92. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of -26.90 and a beta of 1.00. Longboard Pharmaceuticals, Inc. has a 12 month low of $3.60 and a 12 month high of $60.03.

Longboard Pharmaceuticals (NASDAQ:LBPH - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.63) EPS for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.04). As a group, equities research analysts predict that Longboard Pharmaceuticals, Inc. will post -2.22 EPS for the current year.

Wall Street Analyst Weigh In

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

Insider Activity at Longboard Pharmaceuticals

In other Longboard Pharmaceuticals news, CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.64% of the stock is currently owned by insiders.

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.