Jazz Pharmaceuticals (NASDAQ:JAZZ) Stock Picked Up by Analysts at Citigroup

Key Points

• Citigroup initiated coverage of Jazz Pharmaceuticals with a “buy” rating and a $325 price target, implying approximately 39.9% upside from the prior close.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and an average price target of $291.15, with 18 Buy, one Strong Buy, and one Hold rating.
• Jazz reported quarterly revenue of $1.21 billion, up 15.5% year over year and above estimates, although earnings per share of $5.71 missed consensus by $0.47; the stock was trading down 2.5% in the report.

Citigroup initiated coverage on shares of Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The brokerage set a "buy" rating and a $325.00 price target on the specialty pharmaceutical company's stock. Citigroup's target price would suggest a potential upside of 39.88% from the stock's previous close.

Several other brokerages have also recently issued reports on JAZZ. Royal Bank Of Canada set a $299.00 price objective on Jazz Pharmaceuticals in a research note on Friday, August 28th. Barclays boosted their price objective on shares of Jazz Pharmaceuticals from $270.00 to $271.00 and gave the stock an "overweight" rating in a research note on Thursday, September 10th. Deutsche Bank Aktiengesellschaft increased their target price on Jazz Pharmaceuticals from $287.00 to $300.00 and gave the company a "buy" rating in a research report on Wednesday, August 26th. Needham & Company LLC raised their price objective on Jazz Pharmaceuticals from $292.00 to $310.00 and gave the company a "buy" rating in a research report on Wednesday, August 26th. Finally, Morgan Stanley raised their price target on shares of Jazz Pharmaceuticals from $283.00 to $322.00 and gave the company an "overweight" rating in a report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $291.15.

Jazz Pharmaceuticals Trading Down 2.5%

JAZZ stock opened at $232.35 on Wednesday. Jazz Pharmaceuticals has a twelve month low of $128.49 and a twelve month high of $266.38. The stock has a market capitalization of $15.08 billion, a price-to-earnings ratio of 16.02, a price-to-earnings-growth ratio of 0.21 and a beta of 0.36. The company has a quick ratio of 1.58, a current ratio of 1.78 and a debt-to-equity ratio of 0.69. The firm's fifty day simple moving average is $248.25 and its two-hundred day simple moving average is $228.58.

Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The specialty pharmaceutical company reported $5.71 EPS for the quarter, missing the consensus estimate of $6.18 by ($0.47). Jazz Pharmaceuticals had a net margin of 20.45% and a return on equity of 33.97%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the company posted ($8.25) earnings per share. The business's revenue for the quarter was up 15.5% on a year-over-year basis. As a group, analysts anticipate that Jazz Pharmaceuticals will post 21.61 earnings per share for the current year.

Insider Transactions at Jazz Pharmaceuticals

In related news, EVP Robert Iannone sold 76,921 shares of Jazz Pharmaceuticals stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $249.70, for a total transaction of $19,207,173.70. Following the completion of the transaction, the executive vice president directly owned 65,686 shares in the company, valued at approximately $16,401,794.20. This trade represents a 53.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce C. Cozadd sold 6,000 shares of Jazz Pharmaceuticals stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $250.13, for a total transaction of $1,500,780.00. Following the transaction, the director directly owned 351,875 shares of the company's stock, valued at approximately $88,014,493.75. This trade represents a 1.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 92,121 shares of company stock worth $23,001,022 in the last ninety days. Corporate insiders own 4.10% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Sequoia Financial Advisors LLC lifted its position in shares of Jazz Pharmaceuticals by 9.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 4,527 shares of the specialty pharmaceutical company's stock valued at $1,091,000 after buying an additional 389 shares in the last quarter. Tidal Investments LLC increased its holdings in Jazz Pharmaceuticals by 8.3% in the 2nd quarter. Tidal Investments LLC now owns 21,028 shares of the specialty pharmaceutical company's stock worth $5,067,000 after acquiring an additional 1,615 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in Jazz Pharmaceuticals in the 2nd quarter worth $386,000. Integrated Wealth Concepts LLC raised its position in Jazz Pharmaceuticals by 27.2% during the second quarter. Integrated Wealth Concepts LLC now owns 1,762 shares of the specialty pharmaceutical company's stock worth $425,000 after acquiring an additional 377 shares during the period. Finally, NewEdge Advisors LLC raised its position in Jazz Pharmaceuticals by 15.7% during the second quarter. NewEdge Advisors LLC now owns 2,285 shares of the specialty pharmaceutical company's stock worth $551,000 after acquiring an additional 310 shares during the period. 89.14% of the stock is owned by institutional investors and hedge funds.

Jazz Pharmaceuticals Company Profile

Jazz Pharmaceuticals plc is a biopharmaceutical company focused on developing and commercializing medicines for patients with serious neurological and oncology-related conditions. Founded in 2003 and headquartered in Dublin, Ireland, the company operates internationally, with a significant commercial presence in the United States and other markets.

Jazz's neuroscience portfolio includes Xywav and Xyrem, which contain oxybate and are used to treat narcolepsy-related symptoms; Xywav is also approved for idiopathic hypersomnia in adults.

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