Rhenman & Partners Asset Management AB Cuts Holdings in Jazz Pharmaceuticals PLC $JAZZ

Key Points

• Rhenman & Partners cut its stake in Jazz Pharmaceuticals by 12.8% in Q3, selling 14,000 shares and leaving it with 95,030 shares worth about $12.5 million.
• Insiders have been net sellers—68,966 shares (~$13.18 million) sold in the last 90 days, including recent disposals by Director Norbert G. Riedel and SVP Mary Elizabeth Henderson, leaving insiders with 4.3% ownership.
• Jazz beat recent quarterly estimates (EPS $6.64 vs. $6.49; revenue $1.20B vs. $1.17B) and analysts remain largely positive, with a consensus Moderate Buy rating and an average price target of $214.57.

Rhenman & Partners Asset Management AB lowered its position in Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Free Report) by 12.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 95,030 shares of the specialty pharmaceutical company's stock after selling 14,000 shares during the period. Rhenman & Partners Asset Management AB owned about 0.16% of Jazz Pharmaceuticals worth $12,525,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vestal Point Capital LP acquired a new position in Jazz Pharmaceuticals in the 2nd quarter worth about $127,344,000. AQR Capital Management LLC raised its stake in shares of Jazz Pharmaceuticals by 62.1% during the 2nd quarter. AQR Capital Management LLC now owns 794,770 shares of the specialty pharmaceutical company's stock worth $84,341,000 after buying an additional 304,463 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Jazz Pharmaceuticals by 11.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,836,652 shares of the specialty pharmaceutical company's stock valued at $373,855,000 after buying an additional 298,815 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in Jazz Pharmaceuticals in the 3rd quarter valued at $27,834,000. Finally, Goldman Sachs Group Inc. increased its holdings in Jazz Pharmaceuticals by 147.7% in the 1st 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. 89.14% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Jazz Pharmaceuticals

In related news, Director Norbert G. Riedel sold 3,415 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $192.00, for a total value of $655,680.00. Following the completion of the sale, the director owned 7,024 shares of the company's stock, valued at approximately $1,348,608. This trade represents a 32.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Mary Elizabeth Henderson sold 5,343 shares of Jazz Pharmaceuticals stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $194.49, for a total value of $1,039,160.07. Following the transaction, the senior vice president owned 28,728 shares in the company, valued at approximately $5,587,308.72. The trade was a 15.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 68,966 shares of company stock valued at $13,181,406. Company insiders own 4.30% of the company's stock.

Jazz Pharmaceuticals Price Performance

Jazz Pharmaceuticals stock opened at $182.01 on Friday. The company has a fifty day simple moving average of $171.11 and a 200-day simple moving average of $154.08. The firm has a market capitalization of $11.20 billion, a price-to-earnings ratio of -30.49, a PEG ratio of 0.36 and a beta of 0.22. The company has a quick ratio of 1.67, a current ratio of 1.86 and a debt-to-equity ratio of 1.00. Jazz Pharmaceuticals PLC has a 52-week low of $95.49 and a 52-week high of $198.00.

Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) last posted its quarterly earnings results on Tuesday, February 24th. The specialty pharmaceutical company reported $6.64 earnings per share for the quarter, topping the consensus estimate of $6.49 by $0.15. Jazz Pharmaceuticals had a negative net margin of 8.35% and a positive return on equity of 6.87%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the firm posted $6.51 earnings per share. The company's revenue for the quarter was up 8.1% on a year-over-year basis. On average, equities analysts anticipate that Jazz Pharmaceuticals PLC will post 16.96 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Robert W. Baird upped their price objective on shares of Jazz Pharmaceuticals from $160.00 to $209.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 18th. Needham & Company LLC lifted their target price on shares of Jazz Pharmaceuticals from $210.00 to $235.00 and gave the company a "buy" rating in a research report on Monday, January 12th. Wall Street Zen raised shares of Jazz Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Saturday, November 8th. Royal Bank Of Canada upped their price target on shares of Jazz Pharmaceuticals from $191.00 to $195.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 25th. Finally, Morgan Stanley raised their price target on shares of Jazz Pharmaceuticals from $225.00 to $226.00 and gave the company an "overweight" rating in a research note on Wednesday, February 25th. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $214.57.

Jazz Pharmaceuticals Company 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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