Zacks Investment Research cut shares of Jazz Pharmaceuticals (NASDAQ:JAZZ) from a hold rating to a sell rating in a research report report published on Friday, November 10th.
According to Zacks, “Jazz reported mixed results in the third quarter of 2017 with earnings beating estimates while revenues missing the same. The company lowered its earnings guidance for 2017, mainly due to lower-than-expected sales from Xyrem. The drug also is facing patent challenges in the United States. Moreover, restricted access to distribution channels for Xyrem is another matter of concern. Additionally, Jazz has also been facing challenges in building sufficient inventory levels for leukemia drug, Erwinaze, due to constrained manufacturing capacity. The company has its share of pipeline setbacks too. However, its lead pipeline candidate, JZP-110, currently evaluated for treatment of EDS, complements its existing sleep disorder portfolio. Nonetheless, the FDA approval of, Vyxeos in August, lends huge boost to the company, given its huge commercial potential in the target market.”
Several other equities research analysts also recently issued reports on the stock. HC Wainwright reaffirmed a neutral rating and set a $150.00 price target (up previously from $144.00) on shares of Jazz Pharmaceuticals in a research note on Friday, November 10th. UBS dropped their target price on shares of Jazz Pharmaceuticals from $172.00 to $168.00 and set a buy rating for the company in a research report on Wednesday, November 8th. Wells Fargo & Company reissued an outperform rating and issued a $172.00 target price (down previously from $177.00) on shares of Jazz Pharmaceuticals in a research report on Wednesday, November 8th. Royal Bank Of Canada dropped their target price on shares of Jazz Pharmaceuticals from $210.00 to $195.00 and set an outperform rating for the company in a research report on Wednesday, November 8th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $190.00 price objective on shares of Jazz Pharmaceuticals in a research report on Thursday, October 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eighteen have assigned a buy rating to the company. Jazz Pharmaceuticals presently has a consensus rating of Buy and an average target price of $180.13.
In other Jazz Pharmaceuticals news, Director Patrick G. Enright sold 352 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $133.19, for a total value of $46,882.88. Following the transaction, the director now owns 1,365 shares in the company, valued at approximately $181,804.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Iain Mcgill sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $133.42, for a total transaction of $1,067,360.00. Following the completion of the transaction, the senior vice president now owns 28,383 shares in the company, valued at approximately $3,786,859.86. The disclosure for this sale can be found here. Insiders have sold 10,352 shares of company stock worth $1,417,763 in the last 90 days. 4.30% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its position in Jazz Pharmaceuticals by 49.1% in the second quarter. Dimensional Fund Advisors LP now owns 229,898 shares of the specialty pharmaceutical company’s stock worth $35,750,000 after acquiring an additional 75,703 shares in the last quarter. JPMorgan Chase & Co. grew its position in Jazz Pharmaceuticals by 41.2% in the second quarter. JPMorgan Chase & Co. now owns 1,405,408 shares of the specialty pharmaceutical company’s stock worth $218,540,000 after acquiring an additional 410,031 shares in the last quarter. Summit Partners Public Asset Management LLC bought a new stake in Jazz Pharmaceuticals in the second quarter worth approximately $10,108,000. HighTower Advisors LLC bought a new stake in Jazz Pharmaceuticals in the first quarter worth approximately $347,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Jazz Pharmaceuticals by 13.8% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 17,469 shares of the specialty pharmaceutical company’s stock worth $2,716,000 after acquiring an additional 2,121 shares in the last quarter. Hedge funds and other institutional investors own 91.28% of the company’s stock.
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About Jazz Pharmaceuticals
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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