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 released on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $11.00 price target 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 analysts have also weighed in on the stock. HC Wainwright raised their price objective on shares of La Jolla Pharmaceutical from $25.00 to $27.00 and gave the stock a positive rating in a report on Thursday, June 6th. ValuEngine lowered shares of Zosano Pharma from a buy rating to a hold rating in a report on Wednesday, May 1st. Finally, Chardan Capital set a $20.00 price objective on shares of La Jolla Pharmaceutical and gave the stock a buy rating in a report on Monday, June 24th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $15.50.

NASDAQ LJPC opened at $9.58 on Wednesday. The firm has a market capitalization of $259.61 million, a price-to-earnings ratio of -1.22 and a beta of 2.20. The business’s 50 day moving average price is $8.60. La Jolla Pharmaceutical has a 1-year low of $5.01 and a 1-year high of $38.39.

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

Several institutional investors have recently modified their holdings of LJPC. Millennium Management LLC acquired a new stake in shares of La Jolla Pharmaceutical in the fourth quarter valued at approximately $4,623,000. Marshall Wace North America L.P. increased its holdings in shares of 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 valued at $2,412,000 after purchasing an additional 373,504 shares in the last quarter. Spark Investment Management LLC increased its holdings in shares of 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 valued at $2,475,000 after purchasing an additional 261,922 shares in the last quarter. FMR LLC increased its holdings in shares of La Jolla Pharmaceutical by 3.3% in the first quarter. FMR LLC now owns 4,061,425 shares of the biopharmaceutical company’s stock valued at $26,115,000 after purchasing an additional 128,074 shares in the last quarter. Finally, Fosun International Ltd increased its holdings in shares of La Jolla Pharmaceutical by 34.9% in the first quarter. Fosun International Ltd now owns 416,260 shares of the biopharmaceutical company’s stock valued at $2,743,000 after purchasing an additional 107,610 shares in the last quarter. 93.85% of the stock is owned by institutional investors and hedge funds.

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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