Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) Sees Significant Decline in Short Interest

Key Points

• Jazz Pharmaceuticals experienced a 19.7% drop in short interest in April to 5,240,459 shares (about 8.9% of shares short), leaving a short-interest ratio of 6.0 days based on average daily volume.
• The stock traded near $203.02 with a market cap of $12.74 billion, a 50/200-day moving average of $189.65/$170.60, a one-year range of $97.50–$207.48, and a negative P/E of -34.01.
• Analysts hold a consensus rating of Moderate Buy with an average target of $216.87 and several firms raising targets, while insiders sold roughly 74,015 shares (~$14.18M) over 90 days and institutional ownership stands at 89.14%.

Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Get Free Report) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totaling 5,240,459 shares, a drop of 19.7% from the March 31st total of 6,526,407 shares. Based on an average daily volume of 878,015 shares, the short-interest ratio is presently 6.0 days. Approximately 8.9% of the shares of the stock are short sold.

Jazz Pharmaceuticals Price Performance

NASDAQ:JAZZ traded up $3.10 during mid-day trading on Thursday, reaching $203.02. The stock had a trading volume of 542,810 shares, compared to its average volume of 912,722. The firm has a 50 day moving average price of $189.65 and a two-hundred day moving average price of $170.60. The stock has a market capitalization of $12.74 billion, a P/E ratio of -34.01, a P/E/G ratio of 0.35 and a beta of 0.23. Jazz Pharmaceuticals has a one year low of $97.50 and a one year 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.

Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) last released its earnings results on Wednesday, February 25th. The specialty pharmaceutical company reported $6.64 earnings per share for the quarter, topping analysts' consensus estimates 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 positive return on equity of 6.87% and a negative net margin of 8.35%.Jazz Pharmaceuticals's quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.51 EPS. As a group, analysts expect that Jazz Pharmaceuticals will post 20.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Leerink Partners lifted their price target on Jazz Pharmaceuticals from $215.00 to $225.00 and gave the company an "outperform" rating in a research report on Wednesday, April 22nd. Raymond James Financial began coverage on Jazz Pharmaceuticals in a research report on Friday, April 10th. They set an "outperform" rating and a $227.00 price target for the company. Piper Sandler lifted their price objective on shares of Jazz Pharmaceuticals from $219.00 to $232.00 and gave the stock an "overweight" rating in a report on Thursday, March 19th. Morgan Stanley lifted their price objective on shares of Jazz Pharmaceuticals from $225.00 to $226.00 and gave the stock an "overweight" rating in a report on Wednesday, February 25th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Jazz Pharmaceuticals in a report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $216.87.

Insider Transactions at Jazz Pharmaceuticals

In other Jazz Pharmaceuticals news, Director Bruce C. Cozadd sold 6,000 shares of the firm's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $190.50, for a total value of $1,143,000.00. Following the completion of the transaction, the director directly owned 384,682 shares of the company's stock, valued at $73,281,921. This trade represents a 1.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Mary Elizabeth Henderson sold 5,343 shares of Jazz Pharmaceuticals stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $194.49, for a total value of $1,039,160.07. Following the sale, the senior vice president owned 28,728 shares of the company's stock, valued at approximately $5,587,308.72. This trade represents a 15.68% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 74,015 shares of company stock worth $14,180,486. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Jazz Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the business. Range Financial Group LLC lifted its stake in Jazz Pharmaceuticals by 2.6% in the first quarter. Range Financial Group LLC now owns 7,977 shares of the specialty pharmaceutical company's stock worth $1,508,000 after purchasing an additional 205 shares during the last quarter. Waterfront Wealth Inc. lifted its stake in Jazz Pharmaceuticals by 12.5% in the first quarter. Waterfront Wealth Inc. now owns 15,382 shares of the specialty pharmaceutical company's stock worth $2,908,000 after purchasing an additional 1,704 shares during the last quarter. Granite Investment Partners LLC lifted its position in Jazz Pharmaceuticals by 13.7% in the first quarter. Granite Investment Partners LLC now owns 1,757 shares of the specialty pharmaceutical company's stock valued at $332,000 after purchasing an additional 212 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Jazz Pharmaceuticals by 83.3% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,600 shares of the specialty pharmaceutical company's stock valued at $1,248,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in Jazz Pharmaceuticals by 3.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 12,494 shares of the specialty pharmaceutical company's stock valued at $2,362,000 after purchasing an additional 400 shares during the last quarter. 89.14% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.