Why MeetMe Inc (MEET), La Jolla Pharmaceutical Co. (LJPC), & Sorrento Therapeutics Inc (SRNE) Surged Last Week

La Jolla Pharmaceutical Co. (NASDAQ:LJPC)’s stock surged by more than 17% last week. The pharmaceutical company is currently trading 19.81% below its 52-week-high, and 177.22% above its 52-week-low. LJPC has received a consensus rating of ‘Buy’ from seven firms which are covering it. Around 10.1% shares of La Jolla Pharmaceutical Co. (NASDAQ:LJPC) are owned by company Insiders and it was Director Kevin Tang’s purchase of 53,836 shares of the company on June 23 that helped spur its rally for the week. Fund ownership in the La Jolla decreased during the first quarter to eight funds with $88.50 million in shares, down from 11 funds with $96.90 million in stock at the end of 2014. Kevin Kotler‘s Broadfin Capital was the largest shareholder in our database after Tang, owning 703,470 shares, though it decreased its position by 38% during the first quarter.

Sorrento Therapeutics Inc (NASDAQ:SRNE) surged 19.94% last week, continuing a trend of strong performance, as shares have gained an impressive 37.51% in the second quarter. The most recent gains, which largely occurred on Monday, seem to have been triggered by a bullish note to investors from analysts at MLV & Co., who raised their price target on the stock to $33 on Monday from $25. That represented considerable upside of nearly 100% before the note was issued. Funds were also bullish on Sorrento Therapeutics Inc (NASDAQ:SRNE) heading into this quarter, with nine funds holding $77.78 million of the company’s shares on March 31, a step up from the eight funds holding just $48.41 million in shares at the end of 2014. Dr. Behzad Aghazadeh‘s venBio Select Advisor was the most bullish of those, with a position of 2.21 million shares, and the stock ranking as its third pick.

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