La Jolla Pharmaceutical Co. (NASDAQ:LJPC) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 1,933,572 shares, an increase of 31.9% from the September 15th total of 1,465,929 shares. Currently, 11.5% of the company’s stock are sold short. Based on an average daily volume of 178,737 shares, the short-interest ratio is presently 10.8 days.
In other La Jolla Pharmaceutical news, Director Kevin C. Tang acquired 139,035 shares of the firm’s stock in a transaction dated Tuesday, September 13th. The stock was purchased at an average price of $19.82 per share, for a total transaction of $2,755,673.70. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 26.43% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Advisors LLC raised its stake in La Jolla Pharmaceutical by 3.0% in the second quarter. BlackRock Advisors LLC now owns 6,693 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 192 shares in the last quarter. American International Group Inc. raised its stake in La Jolla Pharmaceutical by 0.5% in the second quarter. American International Group Inc. now owns 8,013 shares of the biopharmaceutical company’s stock valued at $128,000 after buying an additional 38 shares in the last quarter. Nationwide Fund Advisors raised its stake in La Jolla Pharmaceutical by 5.6% in the second quarter. Nationwide Fund Advisors now owns 9,184 shares of the biopharmaceutical company’s stock valued at $147,000 after buying an additional 491 shares in the last quarter. Alliancebernstein L.P. acquired a new stake in La Jolla Pharmaceutical during the second quarter valued at approximately $203,000. Finally, KCG Holdings Inc. acquired a new stake in La Jolla Pharmaceutical during the second quarter valued at approximately $222,000. Institutional investors and hedge funds own 87.52% of the company’s stock.
Several analysts have recently commented on LJPC shares. Zacks Investment Research lowered La Jolla Pharmaceutical from a “hold” rating to a “sell” rating in a report on Wednesday. SunTrust Banks Inc. assumed coverage on La Jolla Pharmaceutical in a report on Wednesday, June 22nd. They set a “buy” rating and a $30.00 price objective for the company. Cowen and Company set a $40.00 target price on La Jolla Pharmaceutical and gave the stock a “buy” rating in a research note on Thursday, September 8th. Finally, Chardan Capital set a $80.00 target price on La Jolla Pharmaceutical and gave the stock a “buy” rating in a research note on Thursday, September 8th. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $38.83.
La Jolla Pharmaceutical (NASDAQ:LJPC) opened at 18.48 on Friday. La Jolla Pharmaceutical has a 52 week low of $12.68 and a 52 week high of $35.95. The company has a 50-day moving average price of $21.57 and a 200-day moving average price of $18.69. The stock’s market cap is $337.33 million.
La Jolla Pharmaceutical (NASDAQ:LJPC) last released its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.90) EPS for the quarter, beating the consensus estimate of ($0.99) by $0.09. La Jolla Pharmaceutical had a negative net margin of 3,520.34% and a negative return on equity of 49.08%. Equities research analysts anticipate that La Jolla Pharmaceutical will post ($3.72) EPS for the current year.
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. It is engaged in the research, development and commercialization of its technologies and drug candidates for pharmaceutical products.
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