Jazz Pharmaceuticals (NASDAQ:JAZZ) Shares Gap Down on Disappointing Earnings

Shares of Jazz Pharmaceuticals plc (NASDAQ:JAZZ - Get Free Report) gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $111.17, but opened at $105.51. Jazz Pharmaceuticals shares last traded at $105.30, with a volume of 566,436 shares changing hands.

The specialty pharmaceutical company reported $1.68 earnings per share for the quarter, missing analysts' consensus estimates of $4.65 by ($2.97). Jazz Pharmaceuticals had a return on equity of 29.30% and a net margin of 11.60%. The firm had revenue of $897.84 million for the quarter, compared to analysts' expectations of $984.16 million. During the same quarter in the prior year, the company posted $2.68 earnings per share. The business's revenue for the quarter was down .5% on a year-over-year basis.

Wall Street Analyst Weigh In

JAZZ has been the subject of a number of research analyst reports. Wells Fargo & Company raised Jazz Pharmaceuticals from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $130.00 to $170.00 in a research note on Thursday, February 13th. Morgan Stanley dropped their target price on shares of Jazz Pharmaceuticals from $183.00 to $166.00 and set an "overweight" rating for the company in a research report on Wednesday. UBS Group upgraded shares of Jazz Pharmaceuticals from a "neutral" rating to a "buy" rating and boosted their price target for the company from $145.00 to $179.00 in a research report on Friday, March 7th. Royal Bank of Canada lowered their price objective on shares of Jazz Pharmaceuticals from $179.00 to $178.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. Finally, Piper Sandler reiterated an "overweight" rating and set a $147.00 target price (down previously from $176.00) on shares of Jazz Pharmaceuticals in a report on Wednesday. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $183.71.

Insider Transactions at Jazz Pharmaceuticals

In other Jazz Pharmaceuticals news, CAO Patricia Carr sold 4,813 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $144.42, for a total value of $695,093.46. Following the completion of the sale, the chief accounting officer now owns 8,237 shares in the company, valued at approximately $1,189,587.54. This represents a 36.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CMO Robert Iannone sold 7,080 shares of the business's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $138.60, for a total transaction of $981,288.00. Following the completion of the transaction, the chief marketing officer now directly owns 82,024 shares in the company, valued at $11,368,526.40. This trade represents a 7.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,236 shares of company stock worth $3,956,190 in the last three months. Corporate insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Jazz Pharmaceuticals

Several large investors have recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. raised its holdings in shares of Jazz Pharmaceuticals by 117.4% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 939,351 shares of the specialty pharmaceutical company's stock worth $115,681,000 after acquiring an additional 507,234 shares in the last quarter. Darwin Global Management Ltd. purchased a new stake in Jazz Pharmaceuticals during the fourth quarter valued at $59,668,000. Perpetual Ltd lifted its position in Jazz Pharmaceuticals by 60.2% during the first quarter. Perpetual Ltd now owns 952,172 shares of the specialty pharmaceutical company's stock valued at $118,212,000 after purchasing an additional 357,784 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Jazz Pharmaceuticals by 18.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,035,070 shares of the specialty pharmaceutical company's stock worth $250,619,000 after buying an additional 320,724 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Jazz Pharmaceuticals by 20.9% in the 4th quarter. Ameriprise Financial Inc. now owns 1,827,658 shares of the specialty pharmaceutical company's stock worth $225,076,000 after buying an additional 315,608 shares during the last quarter. 89.14% of the stock is owned by institutional investors.

Jazz Pharmaceuticals Trading Down 5.8 %

The stock has a market cap of $6.45 billion, a P/E ratio of 14.74, a P/E/G ratio of 1.04 and a beta of 0.38. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.74 and a current ratio of 4.26. The stock's fifty day moving average is $121.47 and its 200 day moving average is $122.47.

Jazz Pharmaceuticals Company Profile

Jazz Pharmaceuticals plc identifies, develops, and commercializes pharmaceutical products for unmet medical needs in the United States, Europe, and internationally. The company offers Xywav for cataplexy or excessive daytime sleepiness (EDS) with narcolepsy and idiopathic hypersomnia; Xyrem to treat cataplexy or EDS with narcolepsy; Epidiolex for seizures associated with Lennox-Gastaut and Dravet syndromes, or tuberous sclerosis complex; Zepzelca to treat metastatic small cell lung cancer, or with disease progression on or after platinum-based chemotherapy; Rylaze for acute lymphoblastic leukemia or lymphoblastic lymphoma; Enrylaze to treat acute lymphoblastic leukemia and lymphoblastic lymphoma; Defitelio to treat severe hepatic veno-occlusive disease; and Vyxeos for newly-diagnosed therapy-related acute myeloid leukemia.

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