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La Jolla Pharmaceutical Shares Mysteriously Rally To New All-Time High

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

La Jolla Pharmaceutical Company (NASDAQ: LJPC) shares were trading sharply higher by $2.44 (9.5 percent) at $26.95 in Wednesday's session. There appears to be no relevant information from today that may explain the rally to a new all-time high ($27.83), eclipsing the former high from March 13 ($24.89) by a wide margin.

On Tuesday, Zacks upgraded shares of La Jolla Pharmaceutical from Hold to Buy with a $27 price target.

La Jolla is a biopharmaceutical company focused on the discovery, development and commercialization of innovative therapies intended to significantly improve outcomes in patients suffering from life-threatening diseases.

The upgrade on Tuesday instigated a modest rise from $24.11 to $24.51 on light volume. After a higher open in today's session ($24.51 vs. Tuesday's close of $24.51), it retreated to $24.89 before exploding to the upside then falling back under $27.

The company has missed Wall Street estimates by a wide margin in each of its last three quarters.

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