Advisors Asset Management Inc. boosted its position in shares of La Jolla Pharmaceutical Co. (NASDAQ:LJPC) by 8.1% during the second quarter, Holdings Channel reports. The institutional investor owned 46,476 shares of the biopharmaceutical company’s stock after buying an additional 3,465 shares during the period. Advisors Asset Management Inc. owned approximately 0.25% of La Jolla Pharmaceutical worth $744,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC increased its position in La Jolla Pharmaceutical by 1.6% in the second quarter. Jennison Associates LLC now owns 252,437 shares of the biopharmaceutical company’s stock worth $4,039,000 after buying an additional 3,863 shares in the last quarter. Sabby Management LLC increased its position in La Jolla Pharmaceutical by 72.2% in the first quarter. Sabby Management LLC now owns 112,184 shares of the biopharmaceutical company’s stock valued at $2,346,000 after buying an additional 47,026 shares during the period. DIAM Co. Ltd. increased its position in La Jolla Pharmaceutical by 7.0% in the second quarter. DIAM Co. Ltd. now owns 142,696 shares of the biopharmaceutical company’s stock valued at $2,371,000 after buying an additional 9,379 shares during the period. GSA Capital Partners LLP increased its position in La Jolla Pharmaceutical by 99.6% in the second quarter. GSA Capital Partners LLP now owns 44,900 shares of the biopharmaceutical company’s stock valued at $718,000 after buying an additional 22,400 shares during the period. Finally, RTW Investments LLC increased its position in La Jolla Pharmaceutical by 9.8% in the first quarter. RTW Investments LLC now owns 1,169,065 shares of the biopharmaceutical company’s stock valued at $24,445,000 after buying an additional 104,818 shares during the period. 87.52% of the stock is currently owned by institutional investors.

La Jolla Pharmaceutical Co. (NASDAQ:LJPC) traded down 1.63% during mid-day trading on Friday, hitting $26.48. The company had a trading volume of 129,802 shares. La Jolla Pharmaceutical Co. has a 12 month low of $12.68 and a 12 month high of $35.95. The company has a 50-day moving average price of $19.24 and a 200 day moving average price of $18.25. The firm’s market capitalization is $483.37 million.

La Jolla Pharmaceutical (NASDAQ:LJPC) last announced its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.99) by $0.09. La Jolla Pharmaceutical had a negative return on equity of 49.08% and a negative net margin of 3,520.34%. Equities analysts forecast that La Jolla Pharmaceutical Co. will post ($3.72) EPS for the current fiscal year.

LJPC has been the topic of several recent research reports. SunTrust Banks Inc. initiated coverage on La Jolla Pharmaceutical in a research note on Wednesday, June 22nd. They issued a “buy” rating and a $30.00 price objective on the stock. Jefferies Group reaffirmed a “buy” rating on shares of La Jolla Pharmaceutical in a research note on Wednesday, June 8th. Zacks Investment Research raised La Jolla Pharmaceutical from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research note on Thursday, August 11th. Cowen and Company set a $40.00 price objective on La Jolla Pharmaceutical and gave the stock a “buy” rating in a research note on Thursday, September 8th. Finally, Chardan Capital set a $80.00 price objective on La Jolla Pharmaceutical and gave the stock a “buy” rating in a research note on Thursday, September 8th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $38.83.

In other news, Director Kevin C. Tang purchased 139,035 shares of the company’s stock in a transaction on Tuesday, September 13th. The shares were acquired at an average price of $19.82 per share, for a total transaction of $2,755,673.70. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 26.43% of the company’s stock.

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. It is engaged in the research, development and commercialization of its technologies and drug candidates for pharmaceutical products.

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