La Jolla Pharmaceutical (LJPC) Cut to Sell at Zacks Investment Research

La Jolla Pharmaceutical (NASDAQ:LJPC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.

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. “

LJPC has been the topic of several other reports. HC Wainwright reiterated a “buy” rating and set a $83.00 price target (up from $72.00) on shares of La Jolla Pharmaceutical in a research report on Friday, May 11th. Jefferies Group cut La Jolla Pharmaceutical from a “buy” rating to an “underperform” rating and lowered their price target for the company from $40.00 to $29.00 in a research report on Monday, February 12th. ValuEngine upgraded La Jolla Pharmaceutical from a “sell” rating to a “hold” rating in a research report on Friday, February 2nd. BidaskClub cut La Jolla Pharmaceutical from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. Finally, Chardan Capital lifted their price target on La Jolla Pharmaceutical from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $55.86.

LJPC opened at $33.27 on Thursday. La Jolla Pharmaceutical has a 12 month low of $32.17 and a 12 month high of $32.82. The company has a market capitalization of $842.17 million, a P/E ratio of -6.15 and a beta of 1.42.

La Jolla Pharmaceutical (NASDAQ:LJPC) last posted its earnings results on Thursday, May 10th. The biopharmaceutical company reported ($2.22) EPS for the quarter, missing the consensus estimate of ($1.48) by ($0.74). The company had revenue of $0.81 million during the quarter. equities analysts anticipate that La Jolla Pharmaceutical will post -6.52 earnings per share for the current year.

In related news, COO Jennifer Carver bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were acquired at an average cost of $32.48 per share, for a total transaction of $32,480.00. Following the acquisition, the chief operating officer now directly owns 5,500 shares of the company’s stock, valued at approximately $178,640. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kevin C. Tang bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 2nd. The stock was bought at an average price of $30.44 per share, for a total transaction of $304,400.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 1,369,474 shares of company stock worth $40,759,863. 25.47% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Swiss National Bank grew its holdings in shares of La Jolla Pharmaceutical by 12.6% in the 1st quarter. Swiss National Bank now owns 33,100 shares of the biopharmaceutical company’s stock worth $986,000 after acquiring an additional 3,700 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of La Jolla Pharmaceutical in the 1st quarter worth $134,000. Silvant Capital Management LLC acquired a new position in shares of La Jolla Pharmaceutical in the 1st quarter worth $189,000. Geode Capital Management LLC grew its holdings in shares of La Jolla Pharmaceutical by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 155,954 shares of the biopharmaceutical company’s stock worth $5,018,000 after acquiring an additional 6,375 shares during the last quarter. Finally, Calton & Associates Inc. acquired a new position in shares of La Jolla Pharmaceutical in the 4th quarter worth $266,000.

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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