Canaccord Genuity Group Upgrades Jazz Pharmaceuticals (NASDAQ:JAZZ) to Strong-Buy

Jazz Pharmaceuticals (NASDAQ:JAZZ) was upgraded by stock analysts at Canaccord Genuity Group to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

A number of other research firms also recently issued reports on JAZZ. Raymond James Financial reaffirmed an “outperform” rating and issued a $239.00 price objective on shares of Jazz Pharmaceuticals in a research note on Wednesday, May 6th. Bank of America increased their target price on Jazz Pharmaceuticals from $281.00 to $307.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. Royal Bank Of Canada raised their target price on shares of Jazz Pharmaceuticals from $195.00 to $258.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Wells Fargo & Company boosted their price target on shares of Jazz Pharmaceuticals from $265.00 to $285.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Piper Sandler upped their price target on shares of Jazz Pharmaceuticals from $232.00 to $301.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $256.44.

Jazz Pharmaceuticals Stock Up 2.2%

JAZZ opened at $247.53 on Thursday. The firm has a 50-day simple moving average of $235.11 and a two-hundred day simple moving average of $200.42. Jazz Pharmaceuticals has a 52 week low of $105.00 and a 52 week high of $250.49. The company has a market capitalization of $15.55 billion, a PE ratio of -12,370.31, a price-to-earnings-growth ratio of 0.21 and a beta of 0.32. The company has a quick ratio of 1.85, a current ratio of 2.04 and a debt-to-equity ratio of 0.95.

Jazz Pharmaceuticals (NASDAQ:JAZZ) last issued its quarterly earnings data on Tuesday, March 31st. The specialty pharmaceutical company reported $6.34 earnings per share for the quarter. Jazz Pharmaceuticals had a return on equity of 14.56% and a net margin of 0.66%.The firm had revenue of $1.07 billion during the quarter. Analysts forecast that Jazz Pharmaceuticals will post 21.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Jazz Pharmaceuticals

In other news, Director Mark Douglas Smith sold 1,157 shares of Jazz Pharmaceuticals stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $230.55, for a total value of $266,746.35. Following the completion of the transaction, the director owned 9,680 shares in the company, valued at approximately $2,231,724. The trade was a 10.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce C. Cozadd sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $240.47, for a total value of $1,442,820.00. Following the transaction, the director directly owned 366,682 shares in the company, valued at approximately $88,176,020.54. This represents a 1.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 13,098 shares of company stock valued at $3,131,906. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vestal Point Capital LP bought a new stake in Jazz Pharmaceuticals in the second quarter worth about $127,344,000. Franklin Resources Inc. grew its stake in shares of Jazz Pharmaceuticals by 164.0% during the fourth quarter. Franklin Resources Inc. now owns 1,818,911 shares of the specialty pharmaceutical company’s stock valued at $309,215,000 after buying an additional 1,129,995 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Jazz Pharmaceuticals by 160.2% during the fourth quarter. Bank of New York Mellon Corp now owns 1,161,857 shares of the specialty pharmaceutical company’s stock valued at $197,516,000 after buying an additional 715,361 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in shares of Jazz Pharmaceuticals by 258.2% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 548,000 shares of the specialty pharmaceutical company’s stock worth $93,160,000 after buying an additional 395,000 shares during the period. Finally, Schonfeld Strategic Advisors LLC raised its holdings in shares of Jazz Pharmaceuticals by 592.1% in the third quarter. Schonfeld Strategic Advisors LLC now owns 436,443 shares of the specialty pharmaceutical company’s stock worth $57,523,000 after buying an additional 373,383 shares during the period. 89.14% of the stock is owned by hedge funds and other 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.