Insider Selling: Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) CMO Sells 16,667 Shares of Stock

Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) CMO Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock in a transaction dated 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Randall Kaye also recently made the following trade(s):

• On Monday, September 16th, Randall Kaye sold 16,666 shares of Longboard Pharmaceuticals stock. The shares were sold at an average price of $31.64, for a total transaction of $527,312.24.
• On Monday, August 12th, Randall Kaye sold 16,667 shares of Longboard Pharmaceuticals stock. The stock was sold at an average price of $34.73, for a total transaction of $578,844.91.

Longboard Pharmaceuticals Price Performance

Shares of LBPH stock traded up $0.32 on Wednesday, hitting $59.40. 2,934,358 shares of the company’s stock were exchanged, compared to its average volume of 1,102,764. The company has a 50 day moving average of $35.38 and a 200 day moving average of $28.09. The stock has a market cap of $2.31 billion, a P/E ratio of -26.42 and a beta of 1.22. Longboard Pharmaceuticals, Inc. has a 12 month low of $3.60 and a 12 month high of $59.47.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.10). During the same quarter in the prior year, the company earned ($0.65) EPS. Sell-side analysts predict that Longboard Pharmaceuticals, Inc. will post -2.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LBPH. RA Capital Management L.P. bought a new position in Longboard Pharmaceuticals during the first quarter worth $71,045,000. Farallon Capital Management LLC lifted its stake in Longboard Pharmaceuticals by 88.4% in the first quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock valued at $63,515,000 after buying an additional 1,380,000 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Longboard Pharmaceuticals by 119.3% during the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock worth $37,248,000 after buying an additional 937,998 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Longboard Pharmaceuticals by 36.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock worth $47,910,000 after buying an additional 591,013 shares during the period. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Longboard Pharmaceuticals in the 1st quarter valued at $10,264,000. 63.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Wedbush downgraded Longboard Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday. B. Riley reiterated a “neutral” rating and issued a $60.00 price target (up previously from $45.00) on shares of Longboard Pharmaceuticals in a research note on Monday. 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. Cantor Fitzgerald reiterated a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday. Finally, Robert W. Baird boosted their price target on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, July 11th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $59.56.

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.