La Jolla Stock Dives on Lupus Drug News

From Dow Jones/Associated Press

Shares of La Jolla Pharmaceutical Co. plunged after the Food and Drug Administration required another study to approve the firm’s lupus drug.

The news sparked concern that the San Diego biotechnology company might not have enough money to get through another trial.

Shares of La Jolla fell $1.67 to $1.09 on Nasdaq.