Investors Purchase High Volume of La Jolla Pharmaceutical Call Options (NASDAQ:LJPC)

La Jolla Pharmaceutical (NASDAQ:LJPC) was the target of unusually large options trading activity on Thursday. Investors purchased 1,943 call options on the company. This represents an increase of 2,491% compared to the typical daily volume of 75 call options.

Hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA increased its position in shares of La Jolla Pharmaceutical by 63,657.1% in the first quarter. BNP Paribas Arbitrage SA now owns 4,463 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 4,456 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in shares of La Jolla Pharmaceutical in the first quarter valued at $32,000. Bank of Montreal Can increased its position in shares of La Jolla Pharmaceutical by 901.3% in the first quarter. Bank of Montreal Can now owns 5,537 shares of the biopharmaceutical company’s stock valued at $36,000 after buying an additional 4,984 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in La Jolla Pharmaceutical by 357.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 8,699 shares of the biopharmaceutical company’s stock worth $82,000 after purchasing an additional 6,797 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in La Jolla Pharmaceutical during the 1st quarter worth about $67,000. Institutional investors and hedge funds own 94.13% of the company’s stock.

A number of brokerages have recently issued reports on LJPC. Zacks Investment Research lowered shares of La Jolla Pharmaceutical from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. BidaskClub raised La Jolla Pharmaceutical from a “strong sell” rating to a “sell” rating in a report on Saturday, August 17th. HC Wainwright increased their price target on La Jolla Pharmaceutical from $25.00 to $27.00 and gave the stock a “positive” rating in a report on Thursday, June 6th. ValuEngine raised La Jolla Pharmaceutical from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Chardan Capital reaffirmed a “buy” rating on shares of La Jolla Pharmaceutical in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $15.50.

La Jolla Pharmaceutical stock traded up $0.14 during midday trading on Friday, reaching $10.36. The company’s stock had a trading volume of 246,201 shares, compared to its average volume of 341,283. La Jolla Pharmaceutical has a fifty-two week low of $5.01 and a fifty-two week high of $23.99. The firm has a market capitalization of $279.70 million, a PE ratio of -1.32 and a beta of 2.22. The stock’s 50 day simple moving average is $9.07 and its 200 day simple moving average is $7.69.

La Jolla Pharmaceutical (NASDAQ:LJPC) last announced its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.12). La Jolla Pharmaceutical had a negative return on equity of 715.12% and a negative net margin of 891.53%. The business had revenue of $5.70 million during the quarter, compared to analysts’ expectations of $5.76 million. As a group, equities analysts predict that La Jolla Pharmaceutical will post -4.25 EPS for the current year.

About La Jolla Pharmaceutical

La Jolla Pharmaceutical Company, a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for life-threatening diseases. The company offers GIAPREZA (angiotensin II), an injection for intravenous infusion indicated to increase blood pressure in adults with septic or other distributive shock.

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