La Jolla Pharmaceutical price target raised to $32 from $27 at Wedbush Wedbush increased its price target on La Jolla after the company's GCS-100 drug facilitated statistically significant improvement in kidney function in CKD patients in a Phase 2a trial. The firm thinks the company will respond by taking the drug forward in CKD, and by activating clinical trials in multiple pipeline candidates. Wedbush keeps an Outperform rating on the stock.
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La Jolla files to sell common stock, no amount given La Jolla intends to use the net proceeds from the underwritten offering for general corporate purposes, funding its ongoing and future clinical trials, general and administrative expenses and potential future acquisitions and other strategic purposes. Jefferies LLC is acting as sole book-runner for the offering.