La Jolla Pharmaceutical (NASDAQ:LJPC) shares were up 11.1% during mid-day trading on Friday . The company traded as high as $32.89 and last traded at $31.45. Approximately 3,331,364 shares changed hands during mid-day trading, an increase of 606% from the average daily volume of 472,128 shares. The stock had previously closed at $28.30.
LJPC has been the topic of a number of recent research reports. SunTrust Banks reaffirmed a “buy” rating and set a $65.00 price target (down previously from $67.00) on shares of La Jolla Pharmaceutical in a research report on Friday. Zacks Investment Research raised La Jolla Pharmaceutical from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a research report on Wednesday, November 1st. BidaskClub cut La Jolla Pharmaceutical from a “sell” rating to a “strong sell” rating in a research report on Friday, December 15th. J P Morgan Chase & Co initiated coverage on La Jolla Pharmaceutical in a research report on Wednesday, August 30th. They set an “overweight” rating and a $36.00 price target on the stock. Finally, HC Wainwright initiated coverage on La Jolla Pharmaceutical in a research report on Thursday. They set a “buy” rating and a $62.00 price target on the stock. Three analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. La Jolla Pharmaceutical currently has an average rating of “Hold” and an average price target of $52.29.
The stock has a market capitalization of $773.99, a PE ratio of -6.17 and a beta of 1.62.
Institutional investors and hedge funds have recently modified their holdings of the stock. Legal & General Group Plc lifted its holdings in La Jolla Pharmaceutical by 11.6% during the 2nd quarter. Legal & General Group Plc now owns 4,456 shares of the biopharmaceutical company’s stock worth $133,000 after purchasing an additional 462 shares in the last quarter. Jane Street Group LLC purchased a new stake in La Jolla Pharmaceutical during the 3rd quarter worth about $200,000. Trexquant Investment LP purchased a new stake in La Jolla Pharmaceutical during the 3rd quarter worth about $217,000. Voya Investment Management LLC purchased a new stake in La Jolla Pharmaceutical during the 2nd quarter worth about $243,000. Finally, GSA Capital Partners LLP purchased a new stake in La Jolla Pharmaceutical during the 3rd quarter worth about $309,000.
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About La Jolla Pharmaceutical
La Jolla Pharmaceutical Company is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapies to improve outcomes in patients suffering from life-threatening diseases. LJPC-501 is its formulation of angiotensin II for the potential treatment of catecholamine-resistant hypotension (CRH).
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