Jazz Pharmaceuticals PLC (JAZZ) Cut to “Hold” at Zacks Investment Research
Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Jazz's pipeline looks strong with several ongoing development activities in the sleep therapeutic area. The company’s sleep disorder drug, Xyrem, is the only FDA-approved product for both cataplexy and EDS. Its lead pipeline candidate, JZP-110, currently developed for treatment of EDS, complements its existing sleep disorder portfolio. Nonetheless, in August, its leukemia candidate, Vyxeos, received an FDA approval, a huge boost to the company, given the immense commercial potential in the target market. Jazz’s shares have outperformed the industry so far this year. However, Xyrem is facing patent challenges. Jazz has also been facing concerns in building sufficient inventory levels for leukemia drug, Erwinaze, due to constrained manufacturing capacity. The company Estimates have been going up lately ahead of the company’s Q3 earnings release.”
A number of other equities analysts also recently commented on the company. Stifel Nicolaus restated a “buy” rating and issued a $190.00 price objective on shares of Jazz Pharmaceuticals PLC in a report on Wednesday, August 30th. Cantor Fitzgerald restated a “buy” rating on shares of Jazz Pharmaceuticals PLC in a report on Tuesday, August 29th. Mizuho downgraded Jazz Pharmaceuticals PLC from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $162.00 to $150.00 in a report on Tuesday, July 4th. Deutsche Bank AG set a $178.00 price objective on Jazz Pharmaceuticals PLC and gave the stock a “buy” rating in a report on Monday, July 17th. Finally, Wells Fargo & Company restated a “buy” rating on shares of Jazz Pharmaceuticals PLC in a report on Tuesday, August 29th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have assigned a buy rating to the company. Jazz Pharmaceuticals PLC currently has a consensus rating of “Buy” and a consensus target price of $180.88.
Shares of Jazz Pharmaceuticals PLC (NASDAQ JAZZ) traded up 3.210% on Tuesday, reaching $140.685. 219,001 shares of the company’s stock were exchanged. The company has a market capitalization of $8.45 billion, a P/E ratio of 21.671 and a beta of 1.05. Jazz Pharmaceuticals PLC has a 12 month low of $95.80 and a 12 month high of $163.75. The firm’s 50 day moving average price is $145.95 and its 200-day moving average price is $150.86.
Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) last released its quarterly earnings data on Tuesday, August 8th. The specialty pharmaceutical company reported $1.72 EPS for the quarter, missing analysts’ consensus estimates of $1.85 by ($0.13). Jazz Pharmaceuticals PLC had a return on equity of 22.75% and a net margin of 25.69%. The firm had revenue of $394.39 million during the quarter, compared to analyst estimates of $410.83 million. During the same quarter in the prior year, the company posted $2.67 EPS. The company’s quarterly revenue was up 3.5% on a year-over-year basis. On average, equities analysts anticipate that Jazz Pharmaceuticals PLC will post $10.89 EPS for the current year.
In related news, SVP Paul Treacy sold 1,304 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $143.32, for a total value of $186,889.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Patrick Miller sold 200 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $144.38, for a total value of $28,876.00. Following the completion of the transaction, the executive vice president now directly owns 21,996 shares of the company’s stock, valued at $3,175,782.48. The disclosure for this sale can be found here. Insiders sold 4,517 shares of company stock valued at $665,623 over the last three months. 4.30% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of JAZZ. Envestnet Asset Management Inc. lifted its position in Jazz Pharmaceuticals PLC by 43.0% in the first quarter. Envestnet Asset Management Inc. now owns 981 shares of the specialty pharmaceutical company’s stock worth $141,000 after purchasing an additional 295 shares during the period. Alliancebernstein L.P. lifted its position in Jazz Pharmaceuticals PLC by 19.4% in the first quarter. Alliancebernstein L.P. now owns 4,211 shares of the specialty pharmaceutical company’s stock worth $611,000 after purchasing an additional 684 shares during the period. Teachers Advisors LLC lifted its position in Jazz Pharmaceuticals PLC by 116.4% in the first quarter. Teachers Advisors LLC now owns 326,917 shares of the specialty pharmaceutical company’s stock worth $47,445,000 after purchasing an additional 175,861 shares during the period. Dimensional Fund Advisors LP lifted its position in Jazz Pharmaceuticals PLC by 4.5% in the first quarter. Dimensional Fund Advisors LP now owns 154,195 shares of the specialty pharmaceutical company’s stock worth $22,378,000 after purchasing an additional 6,684 shares during the period. Finally, HighTower Advisors LLC bought a new position in Jazz Pharmaceuticals PLC in the first quarter worth $347,000. 88.55% of the stock is owned by hedge funds and other 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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