La Jolla Pharmaceutical (NASDAQ:LJPC) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of La Jolla Pharmaceutical (NASDAQ:LJPC) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. They currently have $11.00 target price on the biopharmaceutical company’s stock.

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 research firms have also recently commented on LJPC. Chardan Capital set a $20.00 price target on La Jolla Pharmaceutical and gave the stock a buy rating in a research note on Monday, June 24th. HC Wainwright upped their price objective on La Jolla Pharmaceutical from $25.00 to $27.00 and gave the company a positive rating in a research note on Thursday, June 6th. Finally, ValuEngine cut Zosano Pharma from a buy rating to a hold rating in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $15.50.

Shares of LJPC opened at $9.58 on Wednesday. The stock’s 50-day moving average is $8.60. The firm has a market capitalization of $259.61 million, a PE ratio of -1.22 and a beta of 2.20. La Jolla Pharmaceutical has a 12 month low of $5.01 and a 12 month high of $38.39.

La Jolla Pharmaceutical (NASDAQ:LJPC) last issued its quarterly earnings data on Monday, May 6th. The biopharmaceutical company reported ($1.17) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.31) by $0.14. La Jolla Pharmaceutical had a negative return on equity of 337.55% and a negative net margin of 1,324.04%. The company had revenue of $4.40 million for the quarter, compared to analysts’ expectations of $4.98 million. As a group, equities research analysts expect that La Jolla Pharmaceutical will post -4.51 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of LJPC. Millennium Management LLC bought a new position in shares of La Jolla Pharmaceutical during the fourth quarter valued at approximately $4,623,000. Marshall Wace North America L.P. lifted its position in La Jolla Pharmaceutical by 24,222.0% in the first quarter. Marshall Wace North America L.P. now owns 375,046 shares of the biopharmaceutical company’s stock worth $2,412,000 after purchasing an additional 373,504 shares during the period. Spark Investment Management LLC lifted its position in La Jolla Pharmaceutical by 213.0% in the first quarter. Spark Investment Management LLC now owns 384,917 shares of the biopharmaceutical company’s stock worth $2,475,000 after purchasing an additional 261,922 shares during the period. FMR LLC lifted its position in La Jolla Pharmaceutical by 3.3% in the first quarter. FMR LLC now owns 4,061,425 shares of the biopharmaceutical company’s stock worth $26,115,000 after purchasing an additional 128,074 shares during the period. Finally, Fosun International Ltd lifted its position in La Jolla Pharmaceutical by 34.9% in the first quarter. Fosun International Ltd now owns 416,260 shares of the biopharmaceutical company’s stock worth $2,743,000 after purchasing an additional 107,610 shares during the period. 93.85% of the stock is owned by institutional investors.

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. The company offers GIAPREZA (angiotensin II), an injection for intravenous infusion indicated to increase blood pressure in adults with septic or other distributive shock.

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