La Jolla Pharmaceutical (LJPC) Earns Buy Rating from HC Wainwright
La Jolla Pharmaceutical (NASDAQ:LJPC)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a report issued on Thursday. They currently have a $53.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price objective points to a potential upside of 128.45% from the stock’s current price.
The analysts wrote, “We base our $53 price target on a sum-of-the-parts analysis based on (1) the P/E value of La Jolla’s current commercial business (Giapreza), (2) an NPV of its pipeline (LJPC-401), and (3) our estimated year-end fully diluted net cash of $3.66/share, which includes the capital raise earlier this year and the royalty agreement, to arrive at our price target. We value the current commercial business at $39.78 per share, and the pipeline at $9.14 per share. The commercial business value is based on a P/E multiple assumption of 30x our 2023E EPS of $2.02, discounted at 15%.””
Other equities research analysts have also issued reports about the company. Zacks Investment Research lowered La Jolla Pharmaceutical from a “hold” rating to a “sell” rating in a research note on Thursday, May 17th. ValuEngine raised La Jolla Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Thursday, May 24th. Chardan Capital reaffirmed a “buy” rating and set a $115.00 target price on shares of La Jolla Pharmaceutical in a research report on Monday, June 18th. Finally, BidaskClub raised La Jolla Pharmaceutical from a “hold” rating to a “buy” rating in a research report on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. La Jolla Pharmaceutical has a consensus rating of “Hold” and a consensus target price of $50.00.
La Jolla Pharmaceutical (NASDAQ:LJPC) last issued its quarterly earnings results on Wednesday, August 8th. The biopharmaceutical company reported ($2.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.95) by ($0.07). The company had revenue of $1.59 million during the quarter, compared to analysts’ expectations of $2.48 million. equities research analysts anticipate that La Jolla Pharmaceutical will post -7.29 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of LJPC. Tang Capital Management LLC raised its position in La Jolla Pharmaceutical by 20.3% during the 1st quarter. Tang Capital Management LLC now owns 4,138,893 shares of the biopharmaceutical company’s stock valued at $123,256,000 after purchasing an additional 698,474 shares in the last quarter. Scopia Capital Management LP bought a new stake in La Jolla Pharmaceutical during the 1st quarter valued at $17,217,000. Artal Group S.A. bought a new stake in La Jolla Pharmaceutical during the 1st quarter valued at $8,934,000. BlackRock Inc. raised its position in La Jolla Pharmaceutical by 24.8% during the 2nd quarter. BlackRock Inc. now owns 1,454,127 shares of the biopharmaceutical company’s stock valued at $42,417,000 after purchasing an additional 288,994 shares in the last quarter. Finally, Rock Springs Capital Management LP purchased a new position in shares of La Jolla Pharmaceutical in the 1st quarter valued at $6,552,000.
About La Jolla Pharmaceutical
La Jolla Pharmaceutical Company, a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for life-threatening diseases. It offers GIAPREZA, an injection for intravenous infusion indicated to increase blood pressure in adults with septic or other distributive shock.
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