After Piper Jaffray and B.Riley FBR assigned a Buy rating to Jazz Pharmaceuticals in the last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst William Tanner reiterated a Buy rating on Jazz Pharmaceuticals (NASDAQ: JAZZ) yesterday and set a price target of $202. The company’s shares closed yesterday at $147.03.
Tanner observed:
“Adjusting Xyrem model inputs to reflect seasonality. We believe our prior published JAZZ model did not properly reflect seasonality in Xyrem revenues, and we are adjusting our 2018 quarterly forecast for that effect. The net result was to shift about $29 million in 1Q18 Xyrem revenue to later quarters, primarily 4Q18, which reduced our Xyrem revenue forecast for the soon-to-be reported 1Q19 to $300 million from $329 million. Quarterly EPS were similarly affected, all of which is summarized in Exhibit 2 of this report. Our full-year Xyrem revenue expectations of $1.3 billion are unchanged and consistent with JAZZ management guidance and our 2019 Xyrem revenue forecast of $1.4 billion, and following years were not materially affected. There was also no change to our valuation estimate and price target of $202.”
According to TipRanks.com, Tanner is a 4-star analyst with an average return of 6.8% and a 47.6% success rate. Tanner covers the Healthcare sector, focusing on stocks such as Synergy Pharmaceuticals Inc, Supernus Pharmaceuticals, and Intra-Cellular Therapies.
Currently, the analyst consensus on Jazz Pharmaceuticals is Strong Buy and the average price target is $188.89, representing a 28.5% upside.
In a report issued on May 1, B.Riley FBR also maintained a Buy rating on the stock with a $206 price target.
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The company has a one-year high of $162.59 and a one-year low of $128.58. Currently, Jazz Pharmaceuticals has an average volume of 401K.
Based on the recent corporate insider activity of 85 insiders, corporate insider sentiment is negative on the stock.
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Jazz Pharmaceuticals Plc operates as a specialty biopharmaceutical company, which focuses on the identification, development and commercialization of pharmaceutical products in the areas of narcolepsy, oncology, pain and psychiatry. Its product portfolio includes: XYREM, ERWINAZETM, PRIALT, intrathecal infusion, FAZACLO and LUVOX CR.
