La Jolla Pharmaceutical Company (NASDAQ: LJPC)
La Jolla Pharmaceutical Company is having an incredibly strong day in the market today. After starting the trading session off well into the green, the stock has continued on an upward path to overwhelmingly impressive gains. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for ahead.
What We’re Seeing from LJPC
As mentioned above, La Jolla Pharmaceutical Company is having a great day in today’s trading session. At the opening bell, the stock was already trading well into the green. However, the already great day quickly turned into an incredible day for the stock as the gains just kept coming after the market open. At the moment (10:53), LJPC is trading at $35.40 per share after a gain of $15.53 per share or 78.16% thus far today.
Why The Stock Is Climbing
As is just about always the case, our partners at Trade Ideas were the first to alert us of the gains on LJPC. As soon as we received the alert, the CNA Finance team went to work to see exactly why the stock was making a run for the top. It didn’t take long to dig up the dirt in this case. The gains are ultimately the result of excitement surrounding positive clinical data.
Early this morning, La Jolla Pharmaceutical Company released top-line data from its ATHOS-3 Phase 3 study, looking into LJPC-501 for the treatment of catecholamine resistant hypotension. The data proved to be overwhelmingly positive, meeting its primary efficacy endpoint. In a statement Daniel Sessler, M.D., the Michael Cudahy Professor and Chair of the Department of Outocmes Research at Cleveland Clinic had the following to offer…
“These study results support that angiotensin II, a molecule first synthesized by Dr. Irvine Page at the Cleveland Clinic, improves outcomes in distributive shock patients requiring high-dose catecholamines. Given the high mortality from this condition, it is important to offer physicians another potential treatment option…”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching LJPC incredibly closely. Considering the strong Phase 3 clinical data that was released today, we are expecting that the company will submit its NDA to the US FDA surrounding the treatment relatively soon. Nonetheless, we’ll keep a close eye on the story and continue to bring you the updates as they break!
Update (12:21) – It looks like the gains on LJPC have stalled out. Not to worry, the stock is still trading with incredible profits. Currently (12:21), La Jolla Pharmaceutical Company is trading at $34.89 per share after a gain of $15.02 per share or 75.57% thus far today. We will continue to watch the stock and the story and bring you updates as they break!
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