Victory Capital Management Inc. Invests $526,000 in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Victory Capital Management Inc. acquired a new stake in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 15,773 shares of the company's stock, valued at approximately $526,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Longboard Pharmaceuticals during the 2nd quarter valued at $127,000. Mesirow Financial Investment Management Inc. bought a new position in Longboard Pharmaceuticals in the 3rd quarter valued at about $221,000. Arizona State Retirement System acquired a new position in shares of Longboard Pharmaceuticals in the 2nd quarter valued at approximately $216,000. SG Americas Securities LLC bought a new stake in shares of Longboard Pharmaceuticals during the 3rd quarter worth approximately $350,000. Finally, American International Group Inc. boosted its position in shares of Longboard Pharmaceuticals by 58.6% during the 1st quarter. American International Group Inc. now owns 12,283 shares of the company's stock worth $265,000 after acquiring an additional 4,540 shares in the last quarter. 63.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on LBPH shares. HC Wainwright restated a "neutral" rating and set a $60.00 price objective (down previously from $80.00) on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Citigroup boosted their price objective on shares of Longboard Pharmaceuticals from $45.00 to $50.00 and gave the stock a "buy" rating in a research note on Friday, August 2nd. Truist Financial restated a "hold" rating and issued a $60.00 price objective on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Finally, Evercore ISI reiterated an "outperform" rating and issued a $80.00 price target on shares of Longboard Pharmaceuticals in a research report on Monday, August 26th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Longboard Pharmaceuticals presently has an average rating of "Hold" and an average target price of $59.56.

Insiders Place Their Bets

In related news, CMO Randall Kaye sold 16,667 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $59.03, for a total value of $983,853.01. Following the sale, the chief marketing officer now owns 17,920 shares in the company, valued at approximately $1,057,817.60. This trade represents a 48.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 4.64% of the company's stock.

Longboard Pharmaceuticals Stock Performance

Shares of Longboard Pharmaceuticals stock traded up $0.02 during mid-day trading on Friday, hitting $59.98. 655,798 shares of the stock were exchanged, compared to its average volume of 1,113,743. The company has a market capitalization of $2.34 billion, a P/E ratio of -26.90 and a beta of 1.07. The company has a 50-day simple moving average of $52.01 and a 200 day simple moving average of $37.25. 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 issued its quarterly earnings results 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). Analysts predict that Longboard Pharmaceuticals, Inc. will post -2.22 EPS for the current year.

About Longboard Pharmaceuticals

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.