Shares of La Jolla Pharmaceutical Co.
rocketed 51% in active premarket trade Monday, after the drug maker announced positive results from a phase 3 trial of its hypotension treatment. Volume topped 126,000 shares about two hours before the open, compared with the full-day average for the stock of 200,000 shares. The company said LJPC-501 showed a “highly statistically significant” target blood pressure response, the study’s primary efficacy endpoint, and a trend toward longer survival was also observed. An independent data safety monitoring board recommended the study continue as planned. The stock, which was on track to open at the highest level since Dec. 9, 2015, has gained 1.6% over the past three months through Friday, while the SPDR S&P Pharmaceuticals ETF
has gained 3.9% and the S&P 500