Cantor analyst Irina Rivkind was out today pounding the table on Jazz Pharmaceuticals (NASDAQ:JAZZ) Monday, reiterating a Hold rating and a price target of $195.

Rivkind wrote, “We think a Xyrem settlement could occur pre-trial since the company’s best case settlement relies on a single patent of questionable defensive value: Management noted that “the whole ballgame” is focused on the expected 2H:15 trial with Roxane in the District Court of New Jersey, where the company will be litigating its Orange Book-listed formulation/method-of-use patents (we estimate seven formulation/method patents and 85 claims to be litigated).”

Furthermore, “We combed through the Xyrem patent estate and think the success of Jazz’s generic defense will essentially hang on a single method patent that can be carved out, in our view (8,772,306 which expires in 2033 and has 34 claims). We note the remaining patents expire in the 2019-2020 time frame, which may not provide adequate time to switch patients to JZP-386 or a less optimal brand extension (and wins on any of these claims may not remove the overhang on the stock). We therefore think that a pre-trial settlement on the ‘306 patent represents the best-case/upside scenario for Jazz.”

Jazz Pharmaceuticals Public Limited Company, a specialty biopharmaceutical company, identifies, develops, and commercializes pharmaceutical products for various medical needs in the United States, Europe, and internationally.