Kevin C. Tang Purchases 508,474 Shares of La Jolla Pharmaceutical (LJPC) Stock

La Jolla Pharmaceutical (NASDAQ:LJPC) Director Kevin C. Tang purchased 508,474 shares of the stock in a transaction that occurred on Thursday, March 15th. The stock was acquired at an average cost of $29.50 per share, for a total transaction of $14,999,983.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of LJPC stock opened at $28.35 on Wednesday. The stock has a market capitalization of $752.96, a P/E ratio of -5.25 and a beta of 1.30. La Jolla Pharmaceutical has a twelve month low of $22.68 and a twelve month high of $41.36.

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La Jolla Pharmaceutical (NASDAQ:LJPC) last issued its quarterly earnings data on Thursday, February 22nd. The biopharmaceutical company reported ($1.74) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.25) by ($0.49). analysts predict that La Jolla Pharmaceutical will post -5 EPS for the current year.

LJPC has been the topic of a number of research analyst reports. ValuEngine cut La Jolla Pharmaceutical from a “sell” rating to a “strong sell” rating in a report on Friday, December 1st. BidaskClub raised La Jolla Pharmaceutical from a “sell” rating to a “hold” rating in a report on Tuesday, January 23rd. Chardan Capital reaffirmed a “buy” rating and set a $90.00 price objective on shares of La Jolla Pharmaceutical in a report on Friday, December 22nd. SunTrust Banks reaffirmed a “buy” rating and set a $65.00 price objective (down from $67.00) on shares of La Jolla Pharmaceutical in a report on Friday, December 22nd. Finally, JPMorgan Chase & Co. cut La Jolla Pharmaceutical from an “overweight” rating to an “underweight” rating and set a $20.00 price objective on the stock. in a report on Friday, December 8th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $57.00.

Several institutional investors and hedge funds have recently modified their holdings of the company. Perceptive Advisors LLC increased its position in shares of La Jolla Pharmaceutical by 57.1% during the 4th quarter. Perceptive Advisors LLC now owns 3,388,611 shares of the biopharmaceutical company’s stock valued at $109,046,000 after purchasing an additional 1,231,600 shares during the last quarter. Sectoral Asset Management Inc increased its position in shares of La Jolla Pharmaceutical by 42.0% during the 4th quarter. Sectoral Asset Management Inc now owns 854,301 shares of the biopharmaceutical company’s stock valued at $27,491,000 after purchasing an additional 252,801 shares during the last quarter. Ascend Capital LLC bought a new position in shares of La Jolla Pharmaceutical during the 4th quarter valued at approximately $6,084,000. Prudential Financial Inc. bought a new position in shares of La Jolla Pharmaceutical during the 3rd quarter valued at approximately $6,252,000. Finally, Stanley Laman Group Ltd. bought a new position in shares of La Jolla Pharmaceutical during the 4th quarter valued at approximately $5,427,000.

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About La Jolla Pharmaceutical

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).

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