Todays Report: Today: La Jolla Pharmaceutical Co. (LJPC) Given Consensus Rating of “Buy” by Brokerages

Today: La Jolla Pharmaceutical Co. (LJPC) Given Consensus Rating of “Buy” by Brokerages

La Jolla Pharmaceutical Co. (NASDAQ:LJPC) has been given an average rating of “Buy” by the seven research firms that are covering the firm. One analyst has rated the stock with a sell recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $42.40.

Several brokerages have recently issued reports on LJPC. Zacks Investment Research raised shares of La Jolla Pharmaceutical from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Thursday, August 11th. Cowen and Company set a $40.00 price objective on shares of La Jolla Pharmaceutical and gave the company a “buy” rating in a research note on Thursday, September 8th. Finally, Chardan Capital set a $80.00 price objective on shares of La Jolla Pharmaceutical and gave the company a “buy” rating in a research note on Thursday, September 8th.

In other La Jolla Pharmaceutical news, Director Kevin C. Tang purchased 139,035 shares of the firm’s stock in a transaction that occurred on Tuesday, September 13th. The stock was purchased at an average cost of $19.82 per share, with a total value of $2,755,673.70. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 26.43% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. DIAM Co. Ltd. boosted its stake in shares of La Jolla Pharmaceutical by 7.0% in the second quarter. DIAM Co. Ltd. now owns 142,696 shares of the biopharmaceutical company’s stock worth $2,371,000 after buying an additional 9,379 shares during the period. Jennison Associates LLC boosted its stake in shares of La Jolla Pharmaceutical by 1.6% in the second quarter. Jennison Associates LLC now owns 252,437 shares of the biopharmaceutical company’s stock worth $4,039,000 after buying an additional 3,863 shares during the period. GSA Capital Partners LLP boosted its stake in shares of La Jolla Pharmaceutical by 99.6% in the second quarter. GSA Capital Partners LLP now owns 44,900 shares of the biopharmaceutical company’s stock worth $718,000 after buying an additional 22,400 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of La Jolla Pharmaceutical by 8.1% in the second quarter. Advisors Asset Management Inc. now owns 46,476 shares of the biopharmaceutical company’s stock worth $744,000 after buying an additional 3,465 shares during the period. Finally, Nationwide Fund Advisors boosted its stake in shares of La Jolla Pharmaceutical by 5.6% in the second quarter. Nationwide Fund Advisors now owns 9,184 shares of the biopharmaceutical company’s stock worth $147,000 after buying an additional 491 shares during the period. 88.31% of the stock is owned by hedge funds and other institutional investors.

La Jolla Pharmaceutical (NASDAQ:LJPC) traded down 5.52% during mid-day trading on Monday, reaching $18.48. The company’s stock had a trading volume of 23,539 shares. The stock’s 50 day moving average price is $19.46 and its 200 day moving average price is $18.49. La Jolla Pharmaceutical has a 1-year low of $12.68 and a 1-year high of $35.95. The stock’s market capitalization is $337.33 million.

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