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Biotech stock falls after poor test results: La Jolla Pharmaceutical downgraded after report on lupus drug showing. (Interface: News from the Digital World).

Publication: San Diego Business Journal
Publication Date: 24-FEB-03
Format: Online - approximately 498 words
Delivery: Immediate Online Access

Article Excerpt
Two analysts downgraded La Jolla Pharmaceutical Co.'s stock after the San Diego-based biotechnology firm announced its experimental lupus drug failed to show a statistically significant slowing of kidney trauma in late-stage testing.

The stock lost $5.47, closing at $2.08 on Feb. 18, the day of the announcement.

The next day, Thomas Dietz, an analyst with Pacific Growth Equities in San Francisco, downgraded La Jolla's stock to "under weight."

Pacific Growth defines the rating...

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