Robert Iannone Sells 76,921 Shares of Jazz Pharmaceuticals (NASDAQ:JAZZ) Stock

Key Points

• Jazz Pharmaceuticals EVP Robert Iannone sold 76,921 shares for approximately $19.2 million under a pre-arranged Rule 10b5-1 trading plan, reducing his direct holdings by 53.94% to 65,686 shares.
• JAZZ shares rose 2.5% to $250.68, while the company reported quarterly revenue of $1.21 billion—above estimates—despite adjusted EPS of $5.71 falling short of consensus.
• Analysts remain bullish, with a consensus “Buy” rating and an average price target of $285.44; recent targets range as high as $322.

Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Get Free Report) EVP Robert Iannone sold 76,921 shares of the firm's stock in a transaction dated 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 in the company, valued at $16,401,794.20. This trade represents a 53.94% decrease in their position. The transaction 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.

Jazz Pharmaceuticals Stock Up 2.5%

Shares of JAZZ traded up $6.14 during mid-day trading on Monday, hitting $250.68. The company's stock had a trading volume of 1,220,960 shares, compared to its average volume of 967,267. The company's 50-day moving average is $247.30 and its 200-day moving average is $218.69. Jazz Pharmaceuticals PLC has a 52-week low of $123.88 and a 52-week high of $266.38. The firm has a market capitalization of $16.27 billion, a price-to-earnings ratio of 17.29, a PEG ratio of 0.22 and a beta of 0.32. 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 released its quarterly earnings data 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 the consensus estimate of $1.11 billion. Jazz Pharmaceuticals had a net margin of 20.45% and a return on equity of 33.97%. Jazz Pharmaceuticals's revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($8.25) earnings per share. On average, equities research analysts forecast that Jazz Pharmaceuticals PLC will post 21.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. USA Financial Formulas acquired a new stake in Jazz Pharmaceuticals during the 1st quarter worth about $25,000. LRI Investments LLC acquired a new stake in shares of Jazz Pharmaceuticals during the fourth quarter worth about $38,000. Danske Bank A S purchased a new stake in Jazz Pharmaceuticals in the third quarter valued at approximately $40,000. Ameritas Advisory Services LLC purchased a new stake in Jazz Pharmaceuticals in the second quarter valued at approximately $47,000. Finally, Geneos Wealth Management Inc. increased its holdings in Jazz Pharmaceuticals by 57.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 375 shares of the specialty pharmaceutical company's stock worth $47,000 after buying an additional 137 shares during the period. Institutional investors and hedge funds own 89.14% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on JAZZ shares. JPMorgan Chase & Co. boosted their price target on Jazz Pharmaceuticals from $265.00 to $276.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft raised their price objective on Jazz Pharmaceuticals from $287.00 to $300.00 and gave the company a "buy" rating in a research report on Wednesday, August 26th. Stifel Nicolaus set a $275.00 target price on Jazz Pharmaceuticals in a research note on Tuesday, August 4th. Morgan Stanley increased their price target on shares of Jazz Pharmaceuticals from $283.00 to $322.00 and gave the company an "overweight" rating in a research report on Wednesday, August 26th. Finally, Needham & Company LLC increased their price target on shares of Jazz Pharmaceuticals from $292.00 to $310.00 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 given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $285.44.

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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