La Jolla up despite wider quarterly loss
Shares of La Jolla Pharmaceutical (Nasdaq: LJPC) rose slightly this morning despite the San Diego-based biopharmaceutical company posting a wider first quarter net loss.
For the first quarter ended March 31, La Jolla reported a net loss of $11.9 million, or $0.36 per share, compared with a net loss of $10.9 million, or $0.33 per share for the 2006 first quarter. The firm has yet to record revenue.
Three analysts polled by Thomson First Call had estimated a loss of $0.29 per share.
Research and development costs were up – to $10.4 million from $7.9 million mainly due to increased activity in the Phase III clinical trial of its Lupus renal drug candidate, Riquent.
On April 26, shares of La Jolla got a boost after the firm announced it got patent approval covering Riquent in Europe and in the People’s Republic of China.
The news was significant in terms of commercial potential for the treatment, according to La Jolla President and CEO Dr. Deirdre Y. Gillespie, because Europe, China and the United States are the world’s largest lupus markets.
On April 10, A.G. Edwards initiated coverage of La Jolla Pharmaceutical with a “buy” rating and a target of $11.
By mid-day today, La Jolla’s shares were up $0.03, or 0.50%, to $5.99. The stock has traded between $2.77 (on Dec. 22) and $8.68 (on April 10).
