Zacks Investment Research cut shares of La Jolla Pharmaceutical Co. (NASDAQ:LJPC) from a hold rating to a sell rating in a research report report published on Wednesday morning.

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. “

LJPC has been the topic of several other research reports. 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. Cowen and Company set a $40.00 price target on shares of La Jolla Pharmaceutical and gave the stock a buy rating in a research note on Thursday, September 8th. Finally, SunTrust Banks Inc. initiated coverage on shares of La Jolla Pharmaceutical in a research note on Wednesday, June 22nd. They set a buy rating and a $30.00 price target on the stock. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. La Jolla Pharmaceutical presently has an average rating of Buy and a consensus target price of $38.83.

La Jolla Pharmaceutical (NASDAQ:LJPC) opened at 20.60 on Wednesday. The company’s 50 day moving average is $21.46 and its 200 day moving average is $18.68. La Jolla Pharmaceutical has a 12-month low of $12.68 and a 12-month high of $35.95. The firm’s market cap is $376.03 million.

La Jolla Pharmaceutical (NASDAQ:LJPC) last released its quarterly earnings data on Monday, August 8th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, beating the Thomson Reuters’ 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%. On average, equities analysts anticipate that La Jolla Pharmaceutical will post ($3.72) earnings per share for the current year.

In other news, Director Kevin C. Tang bought 139,035 shares of the company’s stock in a transaction that occurred on Tuesday, September 13th. The stock was acquired at an average price of $19.82 per share, for a total transaction of $2,755,673.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 26.43% of the company’s stock.

A number of large investors have recently bought and sold shares of LJPC. Perceptive Advisors LLC boosted its stake in La Jolla Pharmaceutical by 90.5% in the second quarter. Perceptive Advisors LLC now owns 1,332,815 shares of the biopharmaceutical company’s stock valued at $21,325,000 after buying an additional 633,300 shares during the last quarter. Janus Capital Management LLC boosted its stake in shares of La Jolla Pharmaceutical by 10.6% in the second quarter. Janus Capital Management LLC now owns 1,243,742 shares of the biopharmaceutical company’s stock valued at $19,899,000 after buying an additional 118,838 shares in the last quarter. Allianz Asset Management AG boosted its stake in shares of La Jolla Pharmaceutical by 9.8% in the second quarter. Allianz Asset Management AG now owns 566,890 shares of the biopharmaceutical company’s stock valued at $9,070,000 after buying an additional 50,373 shares in the last quarter. Sabby Management LLC boosted its stake in shares of La Jolla Pharmaceutical by 72.2% in the first quarter. Sabby Management LLC now owns 112,184 shares of the biopharmaceutical company’s stock valued at $2,346,000 after buying an additional 47,026 shares in the last quarter. Finally, SECOR Capital Advisors LP acquired a new stake in shares of La Jolla Pharmaceutical during the second quarter valued at approximately $608,000. Hedge funds and other institutional investors own 87.52% of the company’s stock.

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.

5 Day Chart for NASDAQ:LJPC

Receive News & Stock Ratings for La Jolla Pharmaceutical Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for La Jolla Pharmaceutical Co. and related stocks with our FREE daily email newsletter.