La Jolla Pharmaceutical (NASDAQ:LJPC)’s share price was down 15% during mid-day trading on Friday . The stock traded as low as $26.71 and last traded at $27.25. Approximately 3,029,276 shares were traded during trading, an increase of 573% from the average daily volume of 449,846 shares. The stock had previously closed at $32.07.

Several equities analysts recently issued reports on LJPC shares. Zacks Investment Research raised La Jolla Pharmaceutical from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Wednesday, November 1st. J P Morgan Chase & Co started coverage on La Jolla Pharmaceutical in a research note on Wednesday, August 30th. They set an “overweight” rating and a $36.00 target price on the stock. Cowen reissued a “buy” rating and set a $55.00 target price on shares of La Jolla Pharmaceutical in a research note on Friday, October 27th. ValuEngine lowered La Jolla Pharmaceutical from a “sell” rating to a “strong sell” rating in a research note on Friday, December 1st. Finally, Jefferies Group reissued a “buy” rating and set a $40.00 target price on shares of La Jolla Pharmaceutical in a research note on Tuesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $49.33.

La Jolla Pharmaceutical (NASDAQ:LJPC) last posted its quarterly earnings results on Thursday, October 26th. The biopharmaceutical company reported ($1.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.05. analysts predict that La Jolla Pharmaceutical will post -4.93 EPS for the current year.

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of La Jolla Pharmaceutical by 26.4% during the 1st quarter. Vanguard Group Inc. now owns 662,285 shares of the biopharmaceutical company’s stock worth $19,769,000 after acquiring an additional 138,155 shares in the last quarter. Geode Capital Management LLC raised its position in shares of La Jolla Pharmaceutical by 4.4% during the 1st quarter. Geode Capital Management LLC now owns 109,933 shares of the biopharmaceutical company’s stock worth $3,281,000 after acquiring an additional 4,611 shares in the last quarter. Credit Suisse AG acquired a new stake in shares of La Jolla Pharmaceutical during the 1st quarter worth about $391,000. Goldman Sachs Group Inc. acquired a new stake in shares of La Jolla Pharmaceutical during the 1st quarter worth about $731,000. Finally, Schwab Charles Investment Management Inc. raised its position in shares of La Jolla Pharmaceutical by 30.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 28,079 shares of the biopharmaceutical company’s stock worth $836,000 after acquiring an additional 6,500 shares in the last quarter.

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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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