Jazz Pharmaceuticals (NASDAQ:JAZZ) Shares Gap Down Following Analyst Downgrade

Jazz Pharmaceuticals plc (NASDAQ:JAZZ)’s stock price gapped down before the market opened on Thursday after Needham & Company LLC lowered their price target on the stock from $222.00 to $210.00. The stock had previously closed at $112.68, but opened at $108.39. Needham & Company LLC currently has a buy rating on the stock. Jazz Pharmaceuticals shares last traded at $108.01, with a volume of 238,198 shares trading hands.

Several other research firms also recently issued reports on JAZZ. Piper Sandler lifted their price target on shares of Jazz Pharmaceuticals from $171.00 to $188.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. StockNews.com cut Jazz Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on Jazz Pharmaceuticals from $170.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, March 22nd. Barclays cut their target price on Jazz Pharmaceuticals from $230.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Finally, The Goldman Sachs Group started coverage on Jazz Pharmaceuticals in a research note on Wednesday, June 5th. They set a “buy” rating and a $169.00 target price for the company. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $190.00.

Insider Activity

In other news, EVP Neena M. Patil sold 5,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $109.65, for a total transaction of $548,250.00. Following the completion of the transaction, the executive vice president now owns 36,629 shares in the company, valued at $4,016,369.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Capital World Investors acquired a new stake in Jazz Pharmaceuticals in the first quarter worth about $171,943,000. Vestal Point Capital LP acquired a new stake in shares of Jazz Pharmaceuticals in the 4th quarter worth approximately $89,175,000. Armistice Capital LLC boosted its holdings in shares of Jazz Pharmaceuticals by 108.4% in the fourth quarter. Armistice Capital LLC now owns 651,626 shares of the specialty pharmaceutical company’s stock valued at $80,150,000 after acquiring an additional 338,882 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Jazz Pharmaceuticals by 28.1% during the fourth quarter. Pacer Advisors Inc. now owns 1,023,706 shares of the specialty pharmaceutical company’s stock valued at $125,916,000 after acquiring an additional 224,865 shares during the period. Finally, Aristotle Capital Management LLC bought a new stake in Jazz Pharmaceuticals during the third quarter worth approximately $22,748,000. 89.14% of the stock is owned by institutional investors and hedge funds.

Jazz Pharmaceuticals Stock Performance

The company has a fifty day moving average of $109.08 and a 200 day moving average of $117.23. The company has a debt-to-equity ratio of 1.38, a current ratio of 2.27 and a quick ratio of 1.90. The stock has a market cap of $6.81 billion, a P/E ratio of 22.26, a PEG ratio of 1.65 and a beta of 0.62.

Jazz Pharmaceuticals (NASDAQ:JAZZ) last posted its quarterly earnings data on Wednesday, May 1st. The specialty pharmaceutical company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $3.53 by ($1.55). Jazz Pharmaceuticals had a return on equity of 27.86% and a net margin of 8.61%. The firm had revenue of $901.98 million during the quarter, compared to the consensus estimate of $938.99 million. On average, equities analysts predict that Jazz Pharmaceuticals plc will post 15.35 earnings per share for the current fiscal year.

About Jazz Pharmaceuticals

Jazz Pharmaceuticals plc identifies, develops, and commercializes pharmaceutical products for unmet medical needs in the United States, Europe, and internationally. The company offers Xywav for cataplexy or excessive daytime sleepiness (EDS) with narcolepsy and idiopathic hypersomnia; Xyrem to treat cataplexy or EDS with narcolepsy; Epidiolex for seizures associated with Lennox-Gastaut and Dravet syndromes, or tuberous sclerosis complex; Zepzelca to treat metastatic small cell lung cancer, or with disease progression on or after platinum-based chemotherapy; Rylaze for acute lymphoblastic leukemia or lymphoblastic lymphoma; Enrylaze to treat acute lymphoblastic leukemia and lymphoblastic lymphoma; Defitelio to treat severe hepatic veno-occlusive disease; and Vyxeos for newly-diagnosed therapy-related acute myeloid leukemia.