Jazz Pharmaceuticals PLC (JAZZ) Upgraded at Zacks Investment Research
Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Jazz is well-positioned in the sleep franchise market. Its lead product Xyrem has immense commercial potential. Jazz is looking to broaden Xyrem's label by expanding the targeted patient population. JZP-110 also complements Jazz’s existing sleep disorder portfolio. The Celator acquisition added Vyxeos, with multi-million dollar potential, to Jazz’ portfolio. However, Xyrem, is facing patent challenges and some of Xyrem’s patents are undergoing inter partes review. With Xyrem accounting for 72% of 2015 sales, the sooner-than-expected entry of generics would be a huge setback. Jazz has also been facing challenges in building sufficient inventory levels for Erwinaze due to constrained manufacturing capacity. Estimates have remained stable lately ahead of the company’s Q3 earnings release. The company has a positive record of earnings surprises in recent quarters.”
Several other brokerages have also recently issued reports on JAZZ. Mizuho decreased their price objective on Jazz Pharmaceuticals PLC from $195.00 to $185.00 and set a “buy” rating on the stock in a report on Wednesday, August 10th. Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $195.00 price objective (down from $196.00) on shares of Jazz Pharmaceuticals PLC in a report on Thursday, August 11th. Leerink Swann reaffirmed a “buy” rating and set a $202.00 price objective on shares of Jazz Pharmaceuticals PLC in a report on Thursday, August 11th. BMO Capital Markets reaffirmed an “outperform” rating and set a $190.00 price objective on shares of Jazz Pharmaceuticals PLC in a report on Sunday, July 31st. Finally, Janney Montgomery Scott started coverage on Jazz Pharmaceuticals PLC in a report on Thursday, August 25th. They set a “neutral” rating on the stock. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $185.00.
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Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) traded up 0.71% during mid-day trading on Wednesday, reaching $120.20. 98,421 shares of the company traded hands. Jazz Pharmaceuticals PLC has a 12-month low of $108.50 and a 12-month high of $160.00. The company’s 50 day moving average price is $123.14 and its 200 day moving average price is $139.48. The firm has a market capitalization of $7.28 billion, a P/E ratio of 21.13 and a beta of 0.96.
Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) last issued its quarterly earnings data on Tuesday, August 9th. The specialty pharmaceutical company reported $2.63 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.80 by $0.17. The firm had revenue of $381 million for the quarter, compared to analysts’ expectations of $376.40 million. Jazz Pharmaceuticals PLC had a return on equity of 28.39% and a net margin of 25.46%. The firm’s revenue was up 14.2% on a year-over-year basis. During the same period last year, the company earned $2.41 earnings per share. Equities research analysts predict that Jazz Pharmaceuticals PLC will post $9.97 EPS for the current year.
In related news, SVP Michael Patrick Miller sold 200 shares of the firm’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $126.17, for a total transaction of $25,234.00. Following the sale, the senior vice president now owns 17,325 shares of the company’s stock, valued at $2,185,895.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Seamus Mulligan sold 27,968 shares of the firm’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $128.32, for a total value of $3,588,853.76. Following the sale, the director now directly owns 1,072,411 shares in the company, valued at approximately $137,611,779.52. The disclosure for this sale can be found here. Insiders own 3.90% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Fiera Capital Corp bought a new stake in shares of Jazz Pharmaceuticals PLC during the second quarter worth $46,955,000. Renaissance Technologies LLC increased its stake in shares of Jazz Pharmaceuticals PLC by 1,044.1% in the first quarter. Renaissance Technologies LLC now owns 215,100 shares of the specialty pharmaceutical company’s stock worth $28,081,000 after buying an additional 196,300 shares during the last quarter. Polar Capital LLP bought a new stake in shares of Jazz Pharmaceuticals PLC during the second quarter worth $25,560,000. Point72 Asset Management L.P. increased its stake in shares of Jazz Pharmaceuticals PLC by 193.8% in the second quarter. Point72 Asset Management L.P. now owns 218,900 shares of the specialty pharmaceutical company’s stock worth $30,933,000 after buying an additional 144,400 shares during the last quarter. Finally, Boston Advisors LLC increased its stake in shares of Jazz Pharmaceuticals PLC by 470.4% in the second quarter. Boston Advisors LLC now owns 161,318 shares of the specialty pharmaceutical company’s stock worth $22,796,000 after buying an additional 133,038 shares during the last quarter. 88.26% of the stock is currently owned by institutional investors.
About Jazz Pharmaceuticals PLC
Jazz Pharmaceuticals, Inc is a specialty pharmaceutical company focusing on the development and commercialization of pharmaceutical products to meet unmet medical needs in neurology and psychiatry. As of December 31, 2009, the Company markets two products: Xyrem (sodium oxybate) for the treatment of both cataplexy and excessive daytime sleepiness in patients with narcolepsy; and Luvox CR (fluvoxamine maleate) for the treatment of both obsessive compulsive disorder and social anxiety disorder.
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