La Jolla Pharmaceutical (LJPC) stock launched to a 17-month high Monday after its hypotension drug showed extreme efficacy in a phase 3 trial, cutting mortality risk by nearly a quarter after 28 days.
On the stock market today, La Jolla stock had soared 77% to near 35.12, leading the way for a more than 4% rise in IBD's 423-company Biomed/Biotech industry group.
The company announced top-line results only for LJPC-501, a treatment for patients with catecholamine resistant hypotension. Of 163 patients, 70% demonstrated a blood pressure response vs. 23% of 158 placebo-treated patients.
IBD'S TAKE: La Jolla stock has an IBD Composite Rating of 24, meaning it underperforms nearly three-quarters of all stocks in terms of key growth metrics. A better bet is Supernus Pharmaceuticals, which leads the biotech industry group with a CR of 96. Who else outperforms? Head to IBD's Stock Checkup for the top five biotech leaders.
A trend of longer survival was also recorded. La Jolla saw a 22% reduction in mortality risk through day 28 in patients treated with LJPC-501.
Safety was a bigger concern, though. Nearly nine in 10 critically ill patients treated with LJPC-501 (87%) experienced at least one adverse event vs. 92% of placebo-treated patients.
Of placebo patients, 22% dropped out in response vs. 14% of patients on the drug.
La Jolla said it will publish full results later this year. The study is ongoing.
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