Insider Selling: La Jolla Pharmaceutical (LJPC) Major Shareholder Sells 2,060,235 Shares of Stock

La Jolla Pharmaceutical (NASDAQ:LJPC) major shareholder Life Sciences Maste Perceptive sold 2,060,235 shares of the firm’s stock in a transaction on Tuesday, January 8th. The stock was sold at an average price of $5.69, for a total value of $11,722,737.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Shares of LJPC stock opened at $6.10 on Friday. La Jolla Pharmaceutical has a 52-week low of $5.01 and a 52-week high of $41.36. The firm has a market capitalization of $275.98 million, a price-to-earnings ratio of -1.13 and a beta of 1.72.

La Jolla Pharmaceutical (NASDAQ:LJPC) last issued its quarterly earnings results on Wednesday, October 24th. The biopharmaceutical company reported ($1.93) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($2.01) by $0.08. The business had revenue of $3.47 million during the quarter, compared to analysts’ expectations of $3.38 million. As a group, equities analysts expect that La Jolla Pharmaceutical will post -7.97 earnings per share for the current fiscal year.



A number of equities research analysts have issued reports on the company. Zacks Investment Research upgraded La Jolla Pharmaceutical from a “sell” rating to a “hold” rating in a research note on Tuesday, September 18th. ValuEngine lowered La Jolla Pharmaceutical from a “hold” rating to a “sell” rating in a research note on Monday, October 8th. 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. Finally, BidaskClub upgraded La Jolla Pharmaceutical from a “strong sell” rating to a “sell” rating in a research note on Tuesday, November 27th. Four analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $39.67.

A number of hedge funds have recently modified their holdings of LJPC. Metropolitan Life Insurance Co. NY grew its position in shares of 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 valued at $254,000 after purchasing an additional 2,594 shares in the last quarter. MetLife Investment Advisors LLC grew its position in shares of 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 valued at $358,000 after purchasing an additional 3,674 shares in the last quarter. Rhumbline Advisers grew its position in shares of La Jolla Pharmaceutical by 25.2% during the second quarter. Rhumbline Advisers now owns 19,855 shares of the biopharmaceutical company’s stock valued at $579,000 after purchasing an additional 3,995 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of La Jolla Pharmaceutical during the third quarter valued at about $707,000. Finally, First Midwest Bank Trust Division grew its position in shares of La Jolla Pharmaceutical by 296.9% during the third quarter. First Midwest Bank Trust Division now owns 38,008 shares of the biopharmaceutical company’s stock valued at $765,000 after purchasing an additional 28,431 shares in the last quarter.

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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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