Insider Selling: Jazz Pharmaceuticals (NASDAQ:JAZZ) EVP Sells $19,207,173.70 in Stock

Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) EVP Robert Iannone sold 76,921 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $249.70, for a total transaction of $19,207,173.70. Following the completion of the sale, the executive vice president owned 65,686 shares in the company, valued at $16,401,794.20. The trade was a 53.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jazz Pharmaceuticals Stock Performance

NASDAQ JAZZ traded up $6.14 on Monday, reaching $250.68. 1,220,960 shares of the company’s stock traded hands, compared to its average volume of 967,267. The firm has a market cap of $16.27 billion, a price-to-earnings ratio of 17.29, a P/E/G ratio of 0.22 and a beta of 0.32. The stock has a 50 day moving average price of $247.30 and a 200-day moving average price of $218.69. Jazz Pharmaceuticals PLC has a fifty-two week low of $123.88 and a fifty-two week high of $266.38. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.58 and a current ratio of 1.78.

Jazz Pharmaceuticals (NASDAQ:JAZZ) last announced its quarterly earnings results on Monday, August 3rd. The specialty pharmaceutical company reported $5.71 earnings per share for the quarter, missing the consensus estimate of $6.18 by ($0.47). The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.11 billion. Jazz Pharmaceuticals had a return on equity of 33.97% and a net margin of 20.45%.Jazz Pharmaceuticals’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the prior year, the business posted ($8.25) earnings per share. Equities research analysts predict that Jazz Pharmaceuticals PLC will post 21.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on JAZZ. Truist Financial raised their target price on Jazz Pharmaceuticals from $264.00 to $281.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. JPMorgan Chase & Co. boosted their price target on Jazz Pharmaceuticals from $265.00 to $276.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Needham & Company LLC upped their price objective on Jazz Pharmaceuticals from $292.00 to $310.00 and gave the stock a “buy” rating in a research report on Wednesday, August 26th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Jazz Pharmaceuticals from $287.00 to $300.00 and gave the stock a “buy” rating in a research note on Wednesday, August 26th. Finally, Stifel Nicolaus set a $275.00 target price on shares of Jazz Pharmaceuticals in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $285.44.

Hedge Funds Weigh In On Jazz Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH increased its holdings in shares of Jazz Pharmaceuticals by 68.2% during the 4th quarter. Allianz Asset Management GmbH now owns 598,832 shares of the specialty pharmaceutical company’s stock worth $101,801,000 after buying an additional 242,892 shares during the last quarter. SEB Asset Management AB acquired a new position in Jazz Pharmaceuticals in the first quarter valued at approximately $8,765,000. Castleark Management LLC acquired a new position in Jazz Pharmaceuticals in the first quarter valued at approximately $9,214,000. Swedbank AB grew its position in Jazz Pharmaceuticals by 2.7% in the fourth quarter. Swedbank AB now owns 1,102,974 shares of the specialty pharmaceutical company’s stock worth $187,506,000 after acquiring an additional 28,882 shares during the period. Finally, Bank of America Corp DE grew its position in Jazz Pharmaceuticals by 10.9% in the first quarter. Bank of America Corp DE now owns 1,014,800 shares of the specialty pharmaceutical company’s stock worth $191,848,000 after acquiring an additional 99,656 shares during the period. 89.14% of the stock is currently owned by institutional investors and hedge funds.

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.