Jazz Pharmaceuticals (NASDAQ:JAZZ) Stock Rated Buy in New Coverage at Citigroup

Citigroup started coverage on shares of Jazz Pharmaceuticals (NASDAQ:JAZZ) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $325.00 price target on the specialty pharmaceutical company’s stock.

JAZZ has been the subject of several other reports. The Goldman Sachs Group initiated coverage on Jazz Pharmaceuticals in a research report on Thursday, September 24th. They set a “buy” rating and a $337.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on Jazz Pharmaceuticals from $265.00 to $276.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Stifel Nicolaus set a $275.00 target price on Jazz Pharmaceuticals in a research note on Tuesday, August 4th. TD Cowen increased their target price on shares of Jazz Pharmaceuticals from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Finally, Wells Fargo & Company lifted their price target on shares of Jazz Pharmaceuticals from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $291.15.

Jazz Pharmaceuticals Stock Performance

Shares of NASDAQ:JAZZ opened at $235.67 on Wednesday. The company’s 50 day simple moving average is $247.07 and its 200 day simple moving average is $229.37. The stock has a market capitalization of $15.30 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 0.21 and a beta of 0.37. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.78 and a quick ratio of 1.58. Jazz Pharmaceuticals has a 1 year low of $128.80 and a 1 year high of $266.38.

Jazz Pharmaceuticals (NASDAQ:JAZZ) last released its 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 business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.11 billion. Jazz Pharmaceuticals had a return on equity of 33.97% and a net margin of 20.45%.The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($8.25) earnings per share. As a group, research analysts predict that Jazz Pharmaceuticals will post 21.61 EPS for the current fiscal year.

Insider Transactions at Jazz Pharmaceuticals

In other news, EVP Neena M. Patil sold 1,200 shares of the business’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $240.94, for a total transaction of $289,128.00. Following the sale, the executive vice president directly owned 47,671 shares in the company, valued at approximately $11,485,850.74. The trade was a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Robert Iannone sold 76,921 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $249.70, for a total value of $19,207,173.70. Following the sale, the executive vice president owned 65,686 shares in the company, valued at approximately $16,401,794.20. This trade represents a 53.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 92,121 shares of company stock worth $23,001,022 in the last 90 days. 4.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Allianz Asset Management GmbH grew its stake in shares of Jazz Pharmaceuticals by 68.2% in the fourth quarter. Allianz Asset Management GmbH now owns 598,832 shares of the specialty pharmaceutical company’s stock worth $101,801,000 after purchasing an additional 242,892 shares during the last quarter. Castleark Management LLC bought a new position in Jazz Pharmaceuticals during the 1st quarter worth $9,214,000. Bank of America Corp DE raised its position in Jazz Pharmaceuticals by 10.9% during the 1st quarter. Bank of America Corp DE now owns 1,014,800 shares of the specialty pharmaceutical company’s stock worth $191,848,000 after purchasing an additional 99,656 shares during the last quarter. SEB Asset Management AB bought a new position in Jazz Pharmaceuticals during the 1st quarter worth $8,765,000. Finally, California Public Employees Retirement System lifted its holdings in Jazz Pharmaceuticals by 10.6% during the 1st quarter. California Public Employees Retirement System now owns 124,583 shares of the specialty pharmaceutical company’s stock worth $23,552,000 after buying an additional 11,915 shares during the period. Institutional investors own 89.14% of the company’s stock.

Jazz Pharmaceuticals Company Profile

Jazz Pharmaceuticals plc is a biopharmaceutical company focused on developing and commercializing medicines for patients with serious neurological and oncology-related conditions. Founded in 2003 and headquartered in Dublin, Ireland, the company operates internationally, with a significant commercial presence in the United States and other markets.

Jazz’s neuroscience portfolio includes Xywav and Xyrem, which contain oxybate and are used to treat narcolepsy-related symptoms; Xywav is also approved for idiopathic hypersomnia in adults.