Jazz Pharmaceuticals PLC $JAZZ Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Jazz Pharmaceuticals stake by 96.7% in the second quarter, selling 309,427 shares and retaining 10,573 shares worth approximately $2.55 million. Institutional investors and hedge funds collectively own 89.14% of the company.
• Jazz Pharmaceuticals reported quarterly revenue of $1.21 billion, up 15.5% year over year and above estimates, but adjusted EPS of $5.71 missed consensus by $0.47. Shares opened at $245.85, near their 12-month high of $265.05.
• Analysts remain broadly positive, with a “Moderate Buy” consensus rating and an average price target of $272.89; several firms recently reiterated Buy or Outperform ratings and raised targets.

Assenagon Asset Management S.A. reduced its holdings in shares of Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Free Report) by 96.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,573 shares of the specialty pharmaceutical company's stock after selling 309,427 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Jazz Pharmaceuticals were worth $2,548,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. LRI Investments LLC acquired a new position in shares of Jazz Pharmaceuticals during the fourth quarter worth about $38,000. Danske Bank A S acquired a new stake in shares of Jazz Pharmaceuticals in the third quarter valued at about $40,000. Geneos Wealth Management Inc. raised its holdings in shares of Jazz Pharmaceuticals by 57.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 375 shares of the specialty pharmaceutical company's stock valued at $47,000 after buying an additional 137 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in shares of Jazz Pharmaceuticals by 1,383.3% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 356 shares of the specialty pharmaceutical company's stock valued at $47,000 after buying an additional 332 shares during the period. Finally, Leonteq Securities AG acquired a new position in Jazz Pharmaceuticals during the 4th quarter worth approximately $50,000. Institutional investors and hedge funds own 89.14% of the company's stock.

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Insiders Place Their Bets

In other Jazz Pharmaceuticals news, Director Heather Ann Mcsharry sold 2,000 shares of the business's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $241.00, for a total transaction of $482,000.00. Following the completion of the transaction, the director owned 18,449 shares in the company, valued at approximately $4,446,209. The trade was a 9.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark Douglas Smith sold 1,157 shares of the company's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $230.55, for a total transaction of $266,746.35. Following the completion of the sale, the director directly owned 9,680 shares of the company's stock, valued at $2,231,724. The trade was a 10.68% decrease in their position. 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 have sold 19,098 shares of company stock worth $4,649,786. 4.10% of the stock is owned by company insiders.

Jazz Pharmaceuticals Price Performance

Shares of NASDAQ JAZZ opened at $245.85 on Friday. 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 PLC has a twelve month low of $115.12 and a twelve month high of $265.05. The business has a 50 day simple moving average of $242.68 and a 200-day simple moving average of $212.07. The company has a market capitalization of $15.96 billion, a price-to-earnings ratio of 16.96, a price-to-earnings-growth ratio of 0.22 and a beta of 0.32.

Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $1.11 billion. Jazz Pharmaceuticals had a return on equity of 33.97% and a net margin of 20.45%.The company's quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($8.25) earnings per share. As a group, equities research analysts expect that Jazz Pharmaceuticals PLC will post 21.62 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. UBS Group restated a "buy" rating and issued a $315.00 price target on shares of Jazz Pharmaceuticals in a report on Tuesday, August 4th. Raymond James Financial restated an "outperform" rating and issued a $239.00 target price on shares of Jazz Pharmaceuticals in a research note on Wednesday, May 6th. Stifel Nicolaus set a $275.00 price target on shares of Jazz Pharmaceuticals in a report on Tuesday, August 4th. Robert W. Baird lifted their price target on shares of Jazz Pharmaceuticals from $252.00 to $280.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $287.00 price objective on shares of Jazz Pharmaceuticals in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $272.89.

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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