Zacks Investment Research Lowers La Jolla Pharmaceutical (LJPC) to Sell

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Zacks Investment Research downgraded shares of La Jolla Pharmaceutical (NASDAQ:LJPC) from a hold rating to a sell rating in a report issued on Friday.

According to Zacks, “LA JOLLA PHARMACEUTICAL CO. is engaged in the research and development of therapeutic products for the treatment of autoimmune and inflammatory diseases. “

Several other research analysts have also weighed in on the company. BidaskClub lowered La Jolla Pharmaceutical from a sell rating to a strong sell rating in a report on Tuesday, October 9th. ValuEngine lowered La Jolla Pharmaceutical from a buy rating to a hold rating in a report on Tuesday, October 2nd. Finally, HC Wainwright reiterated a buy rating and set a $48.00 target price on shares of La Jolla Pharmaceutical in a report on Thursday, October 25th. Five investment analysts have rated the stock with a sell rating and three have issued a buy rating to the stock. La Jolla Pharmaceutical currently has a consensus rating of Hold and a consensus price target of $39.67.

NASDAQ:LJPC opened at $6.55 on Friday. La Jolla Pharmaceutical has a 12-month low of $5.01 and a 12-month high of $41.36. The firm has a market capitalization of $159.76 million, a PE ratio of -1.21 and a beta of 1.72.

La Jolla Pharmaceutical (NASDAQ:LJPC) last posted its quarterly earnings results on Wednesday, October 24th. The biopharmaceutical company reported ($1.93) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($2.01) by $0.08. The company had revenue of $3.47 million during the quarter, compared to the consensus estimate of $3.38 million. On average, research analysts anticipate that La Jolla Pharmaceutical will post -8 earnings per share for the current fiscal year.

In other news, Director Kevin C. Tang purchased 100,000 shares of the business’s stock in a transaction dated Monday, January 7th. The shares were bought at an average cost of $5.84 per share, for a total transaction of $584,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer Carver purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, January 9th. The stock was purchased at an average price of $6.17 per share, for a total transaction of $30,850.00. Following the completion of the acquisition, the chief operating officer now owns 7,632 shares of the company’s stock, valued at $47,089.44. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 1,408,600 shares of company stock worth $7,617,294. Corporate insiders own 25.33% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Teachers Advisors LLC lifted its holdings in shares of La Jolla Pharmaceutical by 6.0% in the third quarter. Teachers Advisors LLC now owns 39,612 shares of the biopharmaceutical company’s stock valued at $797,000 after purchasing an additional 2,249 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of La Jolla Pharmaceutical by 42.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 8,699 shares of the biopharmaceutical company’s stock valued at $254,000 after acquiring an additional 2,594 shares during the last quarter. MetLife Investment Advisors LLC increased its position in shares of La Jolla Pharmaceutical by 42.8% in the second quarter. MetLife Investment Advisors LLC now owns 12,259 shares of the biopharmaceutical company’s stock valued at $358,000 after acquiring an additional 3,674 shares during the last quarter. Rhumbline Advisers increased its position in shares of La Jolla Pharmaceutical by 25.2% in the second quarter. Rhumbline Advisers now owns 19,855 shares of the biopharmaceutical company’s stock valued at $579,000 after acquiring an additional 3,995 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of La Jolla Pharmaceutical by 6.9% in the second quarter. Bank of New York Mellon Corp now owns 92,226 shares of the biopharmaceutical company’s stock valued at $2,689,000 after acquiring an additional 5,964 shares during the last quarter.

About La Jolla Pharmaceutical

La Jolla Pharmaceutical Company, a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for life-threatening diseases. It offers GIAPREZA, an injection for intravenous infusion indicated to increase blood pressure in adults with septic or other distributive shock.

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