Pictet Asset Management Holding SA Sells 33,547 Shares of Jazz Pharmaceuticals PLC $JAZZ

Key Points

• Pictet Asset Management reduced its stake in Jazz Pharmaceuticals by 15.4%, selling 33,547 shares and leaving it with 184,696 shares valued at about $31,487,000 (≈0.30% ownership).
• Company insiders have been net sellers — Director Bruce C. Cozadd sold 6,000 shares and Director Norbert G. Riedel sold 3,415 shares; insiders disposed of 74,015 shares worth $14,180,486 over the last three months and now own 4.30% of the stock.
• Analyst sentiment is largely positive with a consensus rating of Moderate Buy and an average target price of $216.87 after several upgrades and “outperform” ratings.

Pictet Asset Management Holding SA cut its holdings in Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Free Report) by 15.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 184,696 shares of the specialty pharmaceutical company's stock after selling 33,547 shares during the quarter. Pictet Asset Management Holding SA owned about 0.30% of Jazz Pharmaceuticals worth $31,487,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in JAZZ. Hilltop National Bank bought a new stake in Jazz Pharmaceuticals in the fourth quarter valued at about $36,000. Farther Finance Advisors LLC boosted its holdings in Jazz Pharmaceuticals by 754.8% during the third quarter. Farther Finance Advisors LLC now owns 265 shares of the specialty pharmaceutical company's stock worth $35,000 after buying an additional 234 shares during the last quarter. Danske Bank A S bought a new position in Jazz Pharmaceuticals during the third quarter worth about $40,000. GoalVest Advisory LLC acquired a new position in shares of Jazz Pharmaceuticals during the 4th quarter worth about $51,000. Finally, Quent Capital LLC acquired a new position in shares of Jazz Pharmaceuticals during the 3rd quarter worth about $44,000. Institutional investors and hedge funds own 89.14% of the company's stock.

Insider Transactions at Jazz Pharmaceuticals

In related news, Director Bruce C. Cozadd sold 6,000 shares of the stock in a transaction dated Wednesday, April 1st. The stock was 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 in the company, valued at approximately $73,281,921. This trade represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a 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 Norbert G. Riedel sold 3,415 shares of Jazz Pharmaceuticals stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $192.00, for a total value of $655,680.00. Following the completion of the sale, the director directly owned 7,024 shares in the company, valued at approximately $1,348,608. This represents a 32.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 74,015 shares of company stock worth $14,180,486. 4.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on JAZZ. Truist Financial upgraded shares of Jazz Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, March 25th. Royal Bank Of Canada upped their target price on shares of Jazz Pharmaceuticals from $191.00 to $195.00 and gave the company an "outperform" rating in a research note on Wednesday, February 25th. Raymond James Financial began coverage on shares of Jazz Pharmaceuticals in a report on Friday, April 10th. They issued an "outperform" rating and a $227.00 target price on the stock. Morgan Stanley lifted their price target on shares of Jazz Pharmaceuticals from $225.00 to $226.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 25th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Jazz Pharmaceuticals in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $216.87.

Jazz Pharmaceuticals Stock Performance

Shares of JAZZ opened at $199.92 on Thursday. The firm has a market cap of $12.54 billion, a P/E ratio of -33.49, a PEG ratio of 0.35 and a beta of 0.23. Jazz Pharmaceuticals PLC has a twelve month low of $97.50 and a twelve month high of $207.48. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.67 and a current ratio of 1.86. The firm's 50 day moving average price is $188.98 and its two-hundred day moving average price is $170.37.

Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) last issued its quarterly earnings data on Wednesday, February 25th. The specialty pharmaceutical company reported $6.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.49 by $0.15. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.17 billion. Jazz Pharmaceuticals had a negative net margin of 8.35% and a positive return on equity of 6.87%. The firm's revenue was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.51 earnings per share. On average, analysts forecast that Jazz Pharmaceuticals PLC will post 20.65 EPS for the current fiscal year.

About Jazz Pharmaceuticals

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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