Jennison Associates LLC Purchases Shares of 480,828 Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH)

Jennison Associates LLC acquired a new position in shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 480,828 shares of the company’s stock, valued at approximately $2,899,000.

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

Wall Street Analyst Weigh In

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

Longboard Pharmaceuticals Stock Up 2.4 %

NASDAQ LBPH opened at $19.72 on Friday. Longboard Pharmaceuticals, Inc. has a 1-year low of $3.60 and a 1-year high of $28.15. The firm’s fifty day simple moving average is $20.04 and its 200-day simple moving average is $14.40.

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

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.