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La Jolla Stock Plummets 44% After Disappointing Drug Sales Projections

Scott Van Voorhis

La Jolla's share price fell to $5.64 by 2:34 pm, down from its close of $10.52 on Friday, after the company said it expects sales of low blood pressure drug Giapreza to hit $24 million-$28 million in 2019, roughly half of what analysts had projected. The pharmaceutical company's stock has been trending downward since late September, when it was trading at more than $22. La Jolla reported a 20% increase during the fourth quarter in sales of Giapreza, first launched in March, with sales of the drug, used to increase blood pressure in patients suffering from septic or distributive shock.