T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in Longboard Pharmaceuticals Inc (NASDAQ:LBPH). The institutional investor has increased its shareholding in the Healthcare company by 4.80% to 1.77 million shares with purchase of 81018.0 shares. This fresh investment now brings its stake to 8.25% valued currently at $6.65 million. In addition, Farallon Capital Management LLC raised its holdings by 0.56 million to 1.56 million shares.
With over 45.03 million Longboard Pharmaceuticals Inc (LBPH) shares trading Tuesday and a closing price of $25.10 on the day, the dollar volume was approximately $1.13 billion. The shares have shown a positive half year performance of 257.55% and its price on 01/02/24 gained nearly 316.25%. Currently, there are 23.86M common shares owned by the public and among those 17.11M shares have been available to trade.
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Insiders at the company have transacted a total of 0 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 0 of these insider trades were purchases, accounting for 0 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Longboard Pharmaceuticals Inc are HBM Healthcare Investments, Polar Capital Funds Plc – Biotech, and Fidelity Global Innovators Invest. HBM Healthcare Investments owns 1.35 million shares of the company’s stock, all valued at over $5.07 million. The company sold 31276.0 shares recently to bring their total holdings to about 6.29% of the shares outstanding. Fidelity Global Innovators Invest now owns shares totaling to 3.64% of the shares outstanding.
Shares of Longboard Pharmaceuticals Inc (NASDAQ: LBPH) opened at $18.48, up $12.45 from a prior closing price of $6.03. However, the script later moved the day high at 25.82, up 316.25%. The company’s stock has a 5-day price change of 318.33% and 412.24% over the past three months. LBPH shares are trading 316.25% year to date (YTD), with the 12-month market performance up to 665.24% higher. It has a 12-month low price of $3.16 and touched a high of $10.29 over the same period. LBPH has an average intraday trading volume of 79.74K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 388.18%, 405.53%, and 305.13% respectively.
Institutional ownership of Longboard Pharmaceuticals Inc (NASDAQ: LBPH) shares accounts for 70.61% of the company’s 23.86M shares outstanding. Mutual fund holders own 37.81%, while other institutional holders and individual stakeholders account for 40.77% and 20.19% respectively.
It has a market capitalization of $598.89M and a beta (3y monthly) value of 1.08. The earnings-per-share (ttm) stands at -$2.42. Price movements for the stock have been influenced by the stock’s volatility, which stands at 17.18% over the week and 12.30% over the month.
Analysts forecast that Longboard Pharmaceuticals Inc (LBPH) will achieve an EPS of -$0.53 for the current quarter, -$0.63 for the next quarter and -$1.96 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.66 while analysts give the company a high EPS estimate of -$0.37. Comparatively, EPS for the current quarter was -$0.66 a year ago. Earnings per share for the fiscal year are expected to increase by 7.03%, and 17.23% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Longboard Pharmaceuticals Inc (LBPH) as a “Strong Buy” at a consensus score of 1.00. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 0 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the LBPH, a number of firms have released research notes about the stock. Cantor Fitzgerald stated their Overweight rating for the stock in a research note on October 24, 2023, with the firm’s price target at $16-$35.
