Insider Selling: La Jolla Pharmaceutical (LJPC) Major Shareholder Sells $11,722,737.15 in Stock

La Jolla Pharmaceutical (NASDAQ:LJPC) major shareholder Life Sciences Maste Perceptive sold 2,060,235 shares of the stock in a transaction dated Tuesday, January 8th. The stock was sold at an average price of $5.69, for a total transaction of $11,722,737.15. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Shares of NASDAQ:LJPC opened at $6.55 on Friday. La Jolla Pharmaceutical has a 52-week low of $5.01 and a 52-week high of $41.36. The stock has a market capitalization of $159.76 million, a P/E ratio of -1.21 and a beta of 1.72.

La Jolla Pharmaceutical (NASDAQ:LJPC) last issued its earnings results on Wednesday, October 24th. The biopharmaceutical company reported ($1.93) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.01) by $0.08. The firm had revenue of $3.47 million during the quarter, compared to analyst estimates of $3.38 million. Equities analysts predict that La Jolla Pharmaceutical will post -8 earnings per share for the current fiscal year.

A number of equities analysts have recently commented on LJPC shares. BidaskClub downgraded shares of La Jolla Pharmaceutical from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 9th. Zacks Investment Research upgraded shares of La Jolla Pharmaceutical from a “sell” rating to a “hold” rating in a research note on Thursday, September 27th. ValuEngine downgraded shares of La Jolla Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Finally, HC Wainwright reduced their price objective on shares of La Jolla Pharmaceutical to $25.00 and set a “buy” rating for the company in a research note on Wednesday. Five analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. La Jolla Pharmaceutical currently has a consensus rating of “Hold” and a consensus target price of $39.67.

A number of large investors have recently modified their holdings of the stock. Teachers Advisors LLC lifted its stake in La Jolla Pharmaceutical by 6.0% in the 3rd quarter. Teachers Advisors LLC now owns 39,612 shares of the biopharmaceutical company’s stock valued at $797,000 after purchasing an additional 2,249 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its position in La Jolla Pharmaceutical by 42.5% during the second quarter. Metropolitan Life Insurance Co. NY now owns 8,699 shares of the biopharmaceutical company’s stock worth $254,000 after acquiring an additional 2,594 shares during the last quarter. MetLife Investment Advisors LLC lifted its position in La Jolla Pharmaceutical by 42.8% during the second quarter. MetLife Investment Advisors LLC now owns 12,259 shares of the biopharmaceutical company’s stock worth $358,000 after acquiring an additional 3,674 shares during the last quarter. Rhumbline Advisers lifted its position in La Jolla Pharmaceutical by 25.2% during the second quarter. Rhumbline Advisers now owns 19,855 shares of the biopharmaceutical company’s stock worth $579,000 after acquiring an additional 3,995 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in La Jolla Pharmaceutical by 6.9% during the second quarter. Bank of New York Mellon Corp now owns 92,226 shares of the biopharmaceutical company’s stock worth $2,689,000 after acquiring an additional 5,964 shares during the last quarter.

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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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