La Jolla Pharmaceutical (LJPC) Rating Increased to Hold at Zacks Investment Research

La Jolla Pharmaceutical (NASDAQ:LJPC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued 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. “

Several other equities research analysts also recently issued reports on the company. BidaskClub downgraded La Jolla Pharmaceutical from a “sell” rating to a “strong sell” rating in a report on Tuesday. ValuEngine downgraded La Jolla Pharmaceutical from a “hold” rating to a “sell” rating in a report on Monday, October 8th. HC Wainwright restated a “buy” rating and set a $53.00 price objective on shares of La Jolla Pharmaceutical in a report on Friday, September 7th. JPMorgan Chase & Co. dropped their price objective on La Jolla Pharmaceutical from $24.00 to $21.00 and set an “underweight” rating on the stock in a report on Friday, August 10th. Finally, Jefferies Financial Group dropped their price objective on La Jolla Pharmaceutical from $23.00 to $22.00 and set an “underperform” rating on the stock in a report on Thursday, August 9th. Four analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $50.00.

LJPC stock opened at $17.62 on Thursday. La Jolla Pharmaceutical has a 52-week low of $17.01 and a 52-week high of $41.36. The company has a market cap of $527.93 million, a price-to-earnings ratio of -3.26 and a beta of 1.39.

La Jolla Pharmaceutical (NASDAQ:LJPC) last posted its quarterly earnings data on Wednesday, August 8th. The biopharmaceutical company reported ($2.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.95) by ($0.07). The business had revenue of $1.59 million during the quarter, compared to the consensus estimate of $2.48 million. As a group, equities analysts anticipate that La Jolla Pharmaceutical will post -8.16 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of LJPC. Scopia Capital Management LP increased its holdings in shares of La Jolla Pharmaceutical by 346.8% in the 2nd quarter. Scopia Capital Management LP now owns 2,583,170 shares of the biopharmaceutical company’s stock valued at $75,351,000 after acquiring an additional 2,005,025 shares during the last quarter. Tang Capital Management LLC increased its holdings in shares of La Jolla Pharmaceutical by 20.3% in the 1st quarter. Tang Capital Management LLC now owns 4,138,893 shares of the biopharmaceutical company’s stock valued at $123,256,000 after acquiring an additional 698,474 shares during the last quarter. BlackRock Inc. increased its holdings in shares of La Jolla Pharmaceutical by 24.8% in the 2nd quarter. BlackRock Inc. now owns 1,454,127 shares of the biopharmaceutical company’s stock valued at $42,417,000 after acquiring an additional 288,994 shares during the last quarter. RTW Investments LP increased its holdings in shares of La Jolla Pharmaceutical by 19.9% in the 2nd quarter. RTW Investments LP now owns 1,345,881 shares of the biopharmaceutical company’s stock valued at $39,259,000 after acquiring an additional 223,341 shares during the last quarter. Finally, UBS Group AG increased its holdings in shares of La Jolla Pharmaceutical by 529.3% in the 1st quarter. UBS Group AG now owns 97,622 shares of the biopharmaceutical company’s stock valued at $2,907,000 after acquiring an additional 82,109 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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