Engineers Gate Manager LP Reduces Stock Position in Jazz Pharmaceuticals PLC $JAZZ

Key Points

• Engineers Gate Manager LP reduced its Jazz Pharmaceuticals position by 93.2% in the second quarter, selling 86,703 shares and retaining 6,287 shares valued at approximately $1.52 million.
• Institutional investors own 89.14% of Jazz Pharmaceuticals, while company insiders sold 98,121 shares worth $24.4 million over the past 90 days.
• Jazz Pharmaceuticals exceeded revenue expectations with $1.21 billion in quarterly sales, though EPS of $5.71 missed estimates. Analysts maintain a consensus “Buy” rating with an average price target of $286.72.

Engineers Gate Manager LP cut its holdings in Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Free Report) by 93.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,287 shares of the specialty pharmaceutical company's stock after selling 86,703 shares during the period. Engineers Gate Manager LP's holdings in Jazz Pharmaceuticals were worth $1,515,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Integrated Wealth Concepts LLC increased its holdings in shares of Jazz Pharmaceuticals by 27.2% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 1,762 shares of the specialty pharmaceutical company's stock valued at $425,000 after acquiring an additional 377 shares during the last quarter. NewEdge Advisors LLC lifted its stake 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 purchasing an additional 310 shares during the last quarter. Allworth Financial LP boosted its holdings in Jazz Pharmaceuticals by 117.4% in the second quarter. Allworth Financial LP now owns 974 shares of the specialty pharmaceutical company's stock valued at $235,000 after purchasing an additional 526 shares in the last quarter. Arizona State Retirement System boosted its holdings in Jazz Pharmaceuticals by 1.8% in the second quarter. Arizona State Retirement System now owns 15,288 shares of the specialty pharmaceutical company's stock valued at $3,684,000 after purchasing an additional 266 shares in the last quarter. Finally, Waverly Advisors LLC purchased a new position in Jazz Pharmaceuticals in the second quarter valued at approximately $250,000. 89.14% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Jazz Pharmaceuticals

In other Jazz Pharmaceuticals news, EVP Robert Iannone sold 76,921 shares of the firm's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $249.70, for a total transaction of $19,207,173.70. Following the transaction, the executive vice president directly owned 65,686 shares of the company's stock, valued at approximately $16,401,794.20. This trade represents a 53.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Neena Patil sold 1,200 shares of Jazz Pharmaceuticals stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $240.94, for a total transaction of $289,128.00. Following the completion of the transaction, the executive vice president owned 47,671 shares in the company, valued at approximately $11,485,850.74. This represents a 2.46% 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. Over the last 90 days, insiders sold 98,121 shares of company stock valued at $24,443,842. Company insiders own 4.10% of the company's stock.

Jazz Pharmaceuticals Price Performance

Shares of NASDAQ JAZZ opened at $243.59 on Thursday. The stock has a market cap of $15.81 billion, a P/E ratio of 16.80, a P/E/G ratio of 0.22 and a beta of 0.36. Jazz Pharmaceuticals PLC has a twelve month low of $125.79 and a twelve month high of $266.38. The stock has a 50 day moving average of $249.17 and a two-hundred day moving average of $225.29. The company has a current ratio of 1.78, a quick ratio of 1.58 and a debt-to-equity ratio of 0.69.

Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) last announced its earnings results on Monday, August 3rd. The specialty pharmaceutical company reported $5.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.18 by ($0.47). The business had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.11 billion. Jazz Pharmaceuticals had a return on equity of 33.97% and a net margin of 20.45%.The business's revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted ($8.25) earnings per share. On average, research analysts forecast that Jazz Pharmaceuticals PLC will post 21.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on JAZZ shares. Stifel Nicolaus set a $275.00 price objective on shares of Jazz Pharmaceuticals in a report on Tuesday, August 4th. Royal Bank Of Canada set a $299.00 target price on shares of Jazz Pharmaceuticals in a report on Friday, August 28th. Weiss Ratings raised shares of Jazz Pharmaceuticals from a "hold (c-)" rating to a "buy (b-)" rating in a research report on Tuesday, August 4th. Bank of America lifted their price target on shares of Jazz Pharmaceuticals from $281.00 to $307.00 and gave the stock a "buy" rating in a research note on Wednesday, June 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Jazz Pharmaceuticals from $287.00 to $300.00 and gave the company a "buy" rating in a research report on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $286.72.

Jazz Pharmaceuticals Company Profile

Jazz Pharmaceuticals plc NASDAQ: JAZZ is a global biopharmaceutical company focused on developing and commercializing medicines for disorders in neuroscience and oncology. The company concentrates on conditions with significant unmet medical needs, including sleep disorders, epilepsy, rare diseases and certain cancers.

Its neuroscience portfolio includes Xywav and Xyrem, oxybate-based treatments for narcolepsy, with Xywav also indicated for idiopathic hypersomnia in adults. Jazz also markets Epidiolex in the United States, known as Epidyolex in some international markets, a cannabidiol-based medicine for seizures associated with Lennox-Gastaut syndrome, Dravet syndrome and tuberous sclerosis complex.

In oncology, Jazz's products include Rylaze, an asparaginase therapy used as part of treatment for acute lymphoblastic leukemia and lymphoblastic lymphoma; Zepzelca, used for certain patients with metastatic small cell lung cancer; and Vyxeos, a chemotherapy formulation for certain cases of newly diagnosed therapy-related acute myeloid leukemia or AML with myelodysplasia-related changes.

Want to see what other hedge funds are holding JAZZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.