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

Zacks Investment Research lowered shares of La Jolla Pharmaceutical (NASDAQ:LJPC) from a hold rating to a sell rating in a research report sent to investors 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. “

Other equities research analysts have also recently issued reports about the company. BidaskClub upgraded La Jolla Pharmaceutical from a strong sell rating to a sell rating in a research note on Tuesday, November 27th. ValuEngine upgraded La Jolla Pharmaceutical from a hold rating to a buy rating in a research note on Saturday, October 27th. Finally, HC Wainwright cut their price target on La Jolla Pharmaceutical to $25.00 and set a buy rating for the company in a research note on Wednesday, January 9th. Five equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $39.67.

La Jolla Pharmaceutical stock 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 company 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 earnings results on Wednesday, October 24th. The biopharmaceutical company reported ($1.93) EPS for the quarter, beating the consensus estimate of ($2.01) by $0.08. The firm had revenue of $3.47 million during the quarter, compared to analyst estimates of $3.38 million. Sell-side analysts expect that La Jolla Pharmaceutical will post -8 EPS for the current fiscal year.

In related news, COO Jennifer Carver purchased 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 9th. The stock was acquired at an average cost of $6.17 per share, for a total transaction of $30,850.00. Following the completion of the purchase, the chief operating officer now owns 7,632 shares in the company, valued at approximately $47,089.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kevin C. Tang purchased 100,000 shares of the business’s stock in a transaction that occurred on Monday, January 7th. The stock was bought at an average price of $5.84 per share, with a total value of $584,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 1,408,600 shares of company stock valued at $7,617,294. 25.33% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Teachers Advisors LLC lifted its stake in La Jolla Pharmaceutical by 6.0% during the third quarter. Teachers Advisors LLC now owns 39,612 shares of the biopharmaceutical company’s stock worth $797,000 after purchasing an additional 2,249 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in La Jolla Pharmaceutical by 42.5% during the second quarter. Metropolitan Life Insurance Co. NY now owns 8,699 shares of the biopharmaceutical company’s stock worth $254,000 after purchasing an additional 2,594 shares during the last quarter. MetLife Investment Advisors LLC lifted its stake in La Jolla Pharmaceutical by 42.8% during the second quarter. MetLife Investment Advisors LLC now owns 12,259 shares of the biopharmaceutical company’s stock worth $358,000 after purchasing an additional 3,674 shares during the last quarter. Rhumbline Advisers lifted its stake in La Jolla Pharmaceutical by 25.2% during the second quarter. Rhumbline Advisers now owns 19,855 shares of the biopharmaceutical company’s stock worth $579,000 after purchasing an additional 3,995 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in La Jolla Pharmaceutical by 6.9% during the second quarter. Bank of New York Mellon Corp now owns 92,226 shares of the biopharmaceutical company’s stock worth $2,689,000 after purchasing an additional 5,964 shares during the last quarter.

La Jolla Pharmaceutical Company Profile

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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