Wedbush Reiterates Outperform On La Jolla Following Initial Enrollment In LJPC-501 Phase 1/2
In a report issued yesterday, Wedbush analyst Liana Moussatos reiterated an Outperform rating on La Jolla Pharaceutical Co. (NASDAQ:LJPC) with a $45 price target, following initial enrollment in LJPC-501 Phase 1/2 for Hepatorenal Syndrome, which could provide a year-end catalyst.
Moussatos said: “Although July 2015 is the estimated study completion date on clinicaltrials.gov, we anticipate potentially transforming preliminary results could be released around year-end or early in 2015. La Jolla has applied for Orphan Drug Designation for LJPC-501.” And continues: “At this time we expect material catalysts in H2 2014 to include release of details from the randomized Phase 2a GCS-100-4002/CKD study at the American Society Nephrology meeting (ASN, Nov 11-16, Philadelphia) followed by initial results from the extension trial around year-end. We believe investors would like to see more details about the two doses of GCS-100.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Liana Moussatos has a total average return of 58.1% and a 75.6% success rate. Moussatos has a 9.5% average return when recommending LJPC, and is ranked #9 out of 3261 analysts.