480,828 Shares in Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Purchased by Jennison Associates LLC

Jennison Associates LLC acquired a new stake in shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 480,828 shares of the company’s stock, valued at approximately $2,899,000. Jennison Associates LLC owned about 2.02% of Longboard Pharmaceuticals as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Bourgeon Capital Management LLC acquired a new position in shares of Longboard Pharmaceuticals in the third quarter valued at approximately $39,000. TD Asset Management Inc increased its stake in Longboard Pharmaceuticals by 149.8% in the 3rd quarter. TD Asset Management Inc now owns 121,422 shares of the company’s stock valued at $675,000 after buying an additional 72,811 shares during the period. Finally, Polar Capital Holdings Plc purchased a new position in Longboard Pharmaceuticals during the 3rd quarter worth $5,560,000. 63.28% of the stock is owned by hedge funds and other institutional investors.

Longboard Pharmaceuticals Trading Up 2.4 %

Longboard Pharmaceuticals stock opened at $19.72 on Friday. The firm’s 50-day simple moving average is $20.04 and its 200 day simple moving average is $14.40. Longboard Pharmaceuticals, Inc. has a 52 week low of $3.60 and a 52 week high of $28.15.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings results on Tuesday, March 12th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, sell-side analysts predict that Longboard Pharmaceuticals, Inc. will post -2.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LBPH. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a report on Wednesday, April 10th. Wedbush reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Longboard Pharmaceuticals in a report on Wednesday, March 13th. HC Wainwright reissued a “buy” rating and set a $60.00 target price on shares of Longboard Pharmaceuticals in a research note on Tuesday, April 16th. Citigroup initiated coverage on Longboard Pharmaceuticals in a report on Friday, February 16th. They issued a “buy” rating and a $40.00 price target for the company. Finally, Guggenheim upped their price objective on Longboard Pharmaceuticals from $16.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, January 2nd. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Longboard Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $44.80.

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.