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 issued 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. “

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



Shares of LJPC traded down $0.20 during trading hours on Wednesday, hitting $9.34. 252,660 shares of the stock were exchanged, compared to its average volume of 1,121,279. La Jolla Pharmaceutical has a 12-month low of $5.01 and a 12-month high of $38.39. The firm has a market capitalization of $258.52 million, a P/E ratio of -1.19 and a beta of 2.19. The stock has a 50-day moving average price of $8.52.

La Jolla Pharmaceutical (NASDAQ:LJPC) last issued its earnings results on Monday, May 6th. The biopharmaceutical company reported ($1.17) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.31) by $0.14. The company had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.98 million. La Jolla Pharmaceutical had a negative return on equity of 337.55% and a negative net margin of 1,324.04%. Equities research analysts anticipate that La Jolla Pharmaceutical will post -4.51 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA grew its holdings in shares of La Jolla Pharmaceutical by 63,657.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 4,463 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 4,456 shares during the period. Deutsche Bank AG lifted its stake in La Jolla Pharmaceutical by 11.3% during the 4th quarter. Deutsche Bank AG now owns 47,803 shares of the biopharmaceutical company’s stock worth $450,000 after acquiring an additional 4,859 shares in the last quarter. Bank of Montreal Can lifted its stake in La Jolla Pharmaceutical by 901.3% during the 1st quarter. Bank of Montreal Can now owns 5,537 shares of the biopharmaceutical company’s stock worth $36,000 after acquiring an additional 4,984 shares in the last quarter. Red Cedar Capital LLC lifted its stake in La Jolla Pharmaceutical by 74.6% during the 1st quarter. Red Cedar Capital LLC now owns 11,700 shares of the biopharmaceutical company’s stock worth $75,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Meridian Wealth Management LLC acquired a new position in La Jolla Pharmaceutical during the 1st quarter worth about $32,000. Institutional investors and hedge funds own 93.85% of the company’s stock.

About La Jolla Pharmaceutical

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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