Jennison Associates LLC Sells 34,440 Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Jennison Associates LLC cut its position in shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Free Report) by 3.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 917,528 shares of the company's stock after selling 34,440 shares during the quarter. Jennison Associates LLC owned approximately 2.36% of Longboard Pharmaceuticals worth $30,581,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. KBC Group NV purchased a new stake in Longboard Pharmaceuticals during the third quarter valued at about $65,000. Ameritas Investment Partners Inc. lifted its position in Longboard Pharmaceuticals by 93.3% during the first quarter. Ameritas Investment Partners Inc. now owns 2,486 shares of the company's stock valued at $54,000 after buying an additional 1,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Longboard Pharmaceuticals during the second quarter worth approximately $127,000. SG Americas Securities LLC acquired a new stake in shares of Longboard Pharmaceuticals in the first quarter worth $132,000. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in shares of Longboard Pharmaceuticals during the third quarter valued at about $221,000. 63.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Wedbush lowered Longboard Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 14th. B. Riley reiterated a "neutral" rating and set a $60.00 price objective (up from $45.00) on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Truist Financial restated a "hold" rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Tuesday, October 15th. HC Wainwright reiterated 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. Finally, Cantor Fitzgerald restated a "neutral" rating on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $59.56.

Longboard Pharmaceuticals Trading Up 0.0 %

LBPH stock traded up $0.01 on Friday, hitting $59.78. 1,129,457 shares of the company's stock traded hands, compared to its average volume of 1,119,365. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -26.81 and a beta of 1.07. Longboard Pharmaceuticals, Inc. has a 1-year low of $3.60 and a 1-year high of $59.95. The stock has a fifty day moving average of $48.60 and a 200-day moving average of $35.51.

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 the consensus estimate of ($0.59) by ($0.04). On average, equities research analysts anticipate that Longboard Pharmaceuticals, Inc. will post -2.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Longboard Pharmaceuticals

In other news, CMO Randall Kaye sold 16,667 shares of the 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 in the company, valued at approximately $1,057,817.60. This represents a 48.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.64% of the company's stock.

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.