Oak Ridge Investments LLC Acquires New Stake in La Jolla Pharmaceutical Company (LJPC)

Oak Ridge Investments LLC purchased a new stake in shares of La Jolla Pharmaceutical Company (NASDAQ:LJPC) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 420,984 shares of the biopharmaceutical company’s stock, valued at approximately $14,642,000. Oak Ridge Investments LLC owned approximately 1.90% of La Jolla Pharmaceutical as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Candriam Luxembourg S.C.A. purchased a new stake in La Jolla Pharmaceutical during the third quarter valued at about $6,295,000. Prudential Financial Inc. bought a new position in shares of La Jolla Pharmaceutical during the third quarter valued at about $6,252,000. Pictet Asset Management Ltd. bought a new position in shares of La Jolla Pharmaceutical during the third quarter valued at about $13,266,000. California State Teachers Retirement System grew its stake in shares of La Jolla Pharmaceutical by 13.1% during the second quarter. California State Teachers Retirement System now owns 30,995 shares of the biopharmaceutical company’s stock valued at $923,000 after buying an additional 3,600 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of La Jolla Pharmaceutical by 19.2% during the second quarter. The Manufacturers Life Insurance Company now owns 13,397 shares of the biopharmaceutical company’s stock valued at $399,000 after buying an additional 2,162 shares during the last quarter.

A number of brokerages have recently issued reports on LJPC. Zacks Investment Research raised La Jolla Pharmaceutical from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a research note on Wednesday, November 1st. Cowen and Company reaffirmed a “buy” rating and set a $55.00 price objective on shares of La Jolla Pharmaceutical in a research note on Friday, October 27th. Jefferies Group LLC reissued a “buy” rating and issued a $40.00 target price on shares of La Jolla Pharmaceutical in a research note on Tuesday, October 3rd. J P Morgan Chase & Co began coverage on La Jolla Pharmaceutical in a research note on Wednesday, August 30th. They issued an “overweight” rating and a $36.00 target price on the stock. Finally, BidaskClub upgraded shares of La Jolla Pharmaceutical from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $52.00.

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La Jolla Pharmaceutical Company (LJPC) traded up $0.81 during mid-day trading on Friday, hitting $35.24. 226,000 shares of the stock traded hands, compared to its average volume of 455,140. La Jolla Pharmaceutical Company has a 1 year low of $16.41 and a 1 year high of $39.28.

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

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).

Institutional Ownership by Quarter for La Jolla Pharmaceutical (NASDAQ:LJPC)

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