H.C. Wainwright Maintains Their Buy Rating on La Jolla Pharma (LJPC)


H.C. Wainwright analyst Edward White maintained a Buy rating on La Jolla Pharma (NASDAQ: LJPC) today and set a price target of $53. The company’s shares closed yesterday at $32.79.

White said:

“We base our $53 price target on a sum-of-the-parts analysis based on (1) the P/E value of La Jolla’s current commercial business (Giapreza), (2) an NPV of its pipeline (LJPC-401), and (3) our estimated year-end fully diluted net cash of $3.66/share, which includes the capital raise earlier this year and the royalty agreement, to arrive at our price target. We value the current commercial business at $39.78 per share, and the pipeline at $9.14 per share. The commercial business value is based on a P/E multiple assumption of 30x our 2023E EPS of $2.02, discounted at 15%.”

According to TipRanks.com, White is a 5-star analyst with an average return of 25.7% and a 55.7% success rate. White covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Spectrum Pharmaceuticals, and Synthetic Biologics Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for La Jolla Pharma with a $59.40 average price target, an 81.2% upside from current levels. In a report issued on August 3, Chardan Capital also reiterated a Buy rating on the stock with a $115 price target.

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Based on La Jolla Pharma’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $50.53 million. In comparison, last year the company had a GAAP net loss of $26.73 million.

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La Jolla Pharmaceutical Co. operates as a biopharmaceutical company, which engages in the discovery, development and commercialization of therapies intended to significantly improve outcomes in patients suffering from life-threatening diseases. Its products includes LJPC-501, LJPC-401, LJPC-30Sa and LJPC-30Sb.

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