Jefferies Group Downgrades La Jolla Pharmaceutical (LJPC) to Underperform

La Jolla Pharmaceutical (NASDAQ:LJPC) was downgraded by analysts at Jefferies Group from a “buy” rating to an “underperform” rating in a report issued on Monday, MarketBeat.com reports. They currently have a $29.00 target price on the biopharmaceutical company’s stock, down from their prior target price of $40.00. Jefferies Group’s price objective suggests a potential downside of 9.40% from the stock’s current price.

Several other research firms have also issued reports on LJPC. SunTrust Banks reaffirmed a “buy” rating and issued a $65.00 price objective (down from $67.00) on shares of La Jolla Pharmaceutical in a research note on Friday, December 22nd. Zacks Investment Research raised La Jolla Pharmaceutical from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research note on Wednesday, November 1st. HC Wainwright raised their price objective on La Jolla Pharmaceutical from $62.00 to $91.00 and gave the company a “buy” rating in a research note on Friday, December 29th. Chardan Capital raised their price objective on La Jolla Pharmaceutical from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Finally, BidaskClub lowered La Jolla Pharmaceutical from a “sell” rating to a “strong sell” rating in a research note on Friday, December 15th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $57.00.

La Jolla Pharmaceutical (NASDAQ:LJPC) traded down $4.82 during trading hours on Monday, hitting $32.01. The stock had a trading volume of 1,442,152 shares, compared to its average volume of 458,633. The company has a market cap of $708.87, a price-to-earnings ratio of -6.28 and a beta of 1.20. La Jolla Pharmaceutical has a 1-year low of $16.71 and a 1-year high of $41.36.

In other La Jolla Pharmaceutical news, COO Jennifer Carver purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 27th. The stock was purchased at an average cost of $33.22 per share, with a total value of $33,220.00. Following the purchase, the chief operating officer now owns 4,500 shares of the company’s stock, valued at $149,490. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Laura L. Douglass sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, December 29th. The stock was sold at an average price of $32.32, for a total value of $323,200.00. Following the sale, the director now directly owns 6,000 shares of the company’s stock, valued at $193,920. The disclosure for this sale can be found here. 25.47% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the stock. Hudson Bay Capital Management LP lifted its stake in shares of La Jolla Pharmaceutical by 50.0% during the 4th quarter. Hudson Bay Capital Management LP now owns 30,000 shares of the biopharmaceutical company’s stock worth $965,000 after acquiring an additional 10,000 shares during the last quarter. Sphera Funds Management LTD. lifted its stake in shares of La Jolla Pharmaceutical by 50.0% during the 4th quarter. Sphera Funds Management LTD. now owns 225,000 shares of the biopharmaceutical company’s stock worth $7,241,000 after acquiring an additional 75,000 shares during the last quarter. Stanley Laman Group Ltd. bought a new stake in shares of La Jolla Pharmaceutical during the 4th quarter worth approximately $5,427,000. Virtus Fund Advisers LLC lifted its stake in shares of La Jolla Pharmaceutical by 198.9% during the 4th quarter. Virtus Fund Advisers LLC now owns 20,812 shares of the biopharmaceutical company’s stock worth $670,000 after acquiring an additional 13,849 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in La Jolla Pharmaceutical by 1.4% during the 4th quarter. BlackRock Inc. now owns 1,177,575 shares of the biopharmaceutical company’s stock worth $37,893,000 after purchasing an additional 15,934 shares during the period.

WARNING: This story was posted by American Banking News and is the sole property of of American Banking News. If you are viewing this story on another domain, it was stolen and reposted in violation of United States and international trademark and copyright laws. The original version of this story can be accessed at https://www.americanbankingnews.com/2018/02/12/jefferies-group-downgrades-la-jolla-pharmaceutical-ljpc-to-underperform.html.

La Jolla Pharmaceutical Company Profile

La Jolla Pharmaceutical Company is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapies to improve outcomes in patients suffering from life-threatening diseases. LJPC-501 is its formulation of angiotensin II for the potential treatment of catecholamine-resistant hypotension (CRH).

Analyst Recommendations for La Jolla Pharmaceutical (NASDAQ:LJPC)

Receive News & Ratings for La Jolla Pharmaceutical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for La Jolla Pharmaceutical and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply