La Jolla Pharmaceutical's stock plummets to pace Nasdaq losers after downbeat drug guidance
Shares of La Jolla Pharmaceutical Co. plummeted 44% in midday trade Monday to pace all Nasdaq losers, after the company provided downbeat guidance on its key drug that treats dangerously low blood pressure in adults with septic or other disruptive shock. The company said its fourth-quarter sales of Giapreza, which was launched in March 2018, rose 20% from a year ago to $4.2 million, with 2018 sales expected to reach $10.1 million. The Giapreza sales estimates of the two analysts that provided estimates to FactSet ranged from $5.2 million to $6.9 million for the fourth quarter and $11.1 million to $12.8 million for 2018. For 2019, La Jolla Pharmaceuticals said it expects Giapreza sales to rise to $24 million to $28 million, while analyst estimates ranged from $44.3 million to $55.0 million. The stock, on track for the lowest close since September 2013, has now plummeted 68% over the past three months, while the S&P 500 has declined 11%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.