Assenagon Asset Management S.A. Makes New Investment in Jazz Pharmaceuticals PLC $JAZZ

Key Points

• Assenagon Asset Management opened a new position in Jazz Pharmaceuticals during the first quarter, buying 320,000 shares worth about $60.5 million and ending with a 0.52% stake.
• Institutional interest remains strong, with several other major investors also boosting holdings, and 89.14% of the stock is owned by institutions.
• Analysts remain bullish on Jazz Pharmaceuticals: multiple firms raised price targets, and the stock currently carries a Moderate Buy consensus with a target price of $246.06.

Assenagon Asset Management S.A. purchased a new stake in Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 320,000 shares of the specialty pharmaceutical company's stock, valued at approximately $60,496,000. Assenagon Asset Management S.A. owned 0.52% of Jazz Pharmaceuticals at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Royal Bank of Canada increased its position in shares of Jazz Pharmaceuticals by 96.5% during the first quarter. Royal Bank of Canada now owns 67,614 shares of the specialty pharmaceutical company's stock worth $8,394,000 after purchasing an additional 33,210 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Jazz Pharmaceuticals by 147.7% in the first quarter. Goldman Sachs Group Inc. now owns 351,609 shares of the specialty pharmaceutical company's stock worth $43,652,000 after acquiring an additional 209,667 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Jazz Pharmaceuticals by 4.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 197,174 shares of the specialty pharmaceutical company's stock worth $24,479,000 after acquiring an additional 7,954 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Jazz Pharmaceuticals by 3.4% during the first quarter. Focus Partners Wealth now owns 4,623 shares of the specialty pharmaceutical company's stock valued at $574,000 after acquiring an additional 154 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Jazz Pharmaceuticals by 57.6% during the first quarter. Geneos Wealth Management Inc. now owns 375 shares of the specialty pharmaceutical company's stock valued at $47,000 after acquiring an additional 137 shares in the last quarter. 89.14% of the stock is owned by institutional investors.

Jazz Pharmaceuticals Price Performance

NASDAQ:JAZZ opened at $226.20 on Friday. Jazz Pharmaceuticals PLC has a one year low of $105.00 and a one year high of $243.32. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.85 and a current ratio of 2.04. The firm has a market cap of $14.21 billion, a price-to-earnings ratio of -11,304.35, a PEG ratio of 0.20 and a beta of 0.32. The firm's fifty day moving average is $223.80 and its two-hundred day moving average is $192.37.

Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The specialty pharmaceutical company reported $6.34 earnings per share for the quarter. The business had revenue of $1.07 billion during the quarter. Jazz Pharmaceuticals had a return on equity of 14.56% and a net margin of 0.66%. Research analysts expect that Jazz Pharmaceuticals PLC will post 22.09 EPS for the current year.

Insiders Place Their Bets

In other news, Director Bruce C. Cozadd sold 6,000 shares of Jazz Pharmaceuticals stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $190.50, for a total transaction of $1,143,000.00. Following the completion of the transaction, the director directly owned 384,682 shares of the company's stock, valued at $73,281,921. The trade was a 1.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Neena M. Patil sold 1,200 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $231.83, for a total transaction of $278,196.00. Following the sale, the executive vice president directly owned 51,549 shares in the company, valued at $11,950,604.67. This trade represents a 2.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 13,098 shares of company stock worth $2,832,086. Corporate insiders own 4.10% of the company's stock.

Analyst Upgrades and Downgrades

JAZZ has been the subject of several research analyst reports. Wells Fargo & Company increased their price objective on shares of Jazz Pharmaceuticals from $250.00 to $265.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Royal Bank Of Canada boosted their target price on shares of Jazz Pharmaceuticals from $195.00 to $258.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 6th. Piper Sandler upped their price target on shares of Jazz Pharmaceuticals from $232.00 to $301.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Barclays raised their price target on shares of Jazz Pharmaceuticals from $234.00 to $253.00 and gave the stock an "overweight" rating in a report on Wednesday, May 27th. Finally, Truist Financial set a $256.00 price objective on shares of Jazz Pharmaceuticals and gave the stock a "buy" rating in a research note on Tuesday, June 9th. Sixteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $246.06.

Jazz Pharmaceuticals Profile

Jazz Pharmaceuticals plc is a global biopharmaceutical company focused on developing and commercializing therapies in neuroscience and oncology. The company's research and development efforts target unmet medical needs in sleep disorders, hematologic malignancies, rare neurological conditions and solid tumors. Jazz's product portfolio includes therapies for narcolepsy, hepatic veno-occlusive disease, acute myeloid leukemia and other serious disorders.

Flagship products from Jazz Pharmaceuticals include Xyrem® (sodium oxybate) and Xywav® (calcium, magnesium, potassium, and sodium oxybates) for the treatment of cataplexy and excessive daytime sleepiness in patients with narcolepsy.

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