Jazz Pharmaceuticals PLC (JAZZ) Shares Down 6.2% on Disappointing Earnings
Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) shares dropped 6.2% on Wednesday following a weaker than expected earnings announcement. The company traded as low as $140.60 and last traded at $142.90, with a volume of 1,992,004 shares. The stock had previously closed at $152.29.
The specialty pharmaceutical company reported $1.72 earnings per share for the quarter, missing the consensus estimate of $1.85 by $0.13. Jazz Pharmaceuticals PLC had a return on equity of 24.65% and a net margin of 26.28%. The business had revenue of $394.39 million for the quarter, compared to the consensus estimate of $410.83 million. During the same quarter in the previous year, the company earned $2.67 earnings per share. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis.
JAZZ has been the subject of several recent analyst reports. Zacks Investment Research cut Jazz Pharmaceuticals PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, May 2nd. Mizuho cut their target price on Jazz Pharmaceuticals PLC from $150.00 to $144.00 and set a “neutral” rating for the company in a research note on Wednesday, May 31st. Cowen and Company restated an “outperform” rating and set a $190.00 target price on shares of Jazz Pharmaceuticals PLC in a research note on Wednesday, May 10th. Cantor Fitzgerald restated a “buy” rating on shares of Jazz Pharmaceuticals PLC in a research note on Thursday, April 27th. Finally, Deutsche Bank AG restated a “buy” rating and set a $176.00 target price on shares of Jazz Pharmaceuticals PLC in a research note on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. Jazz Pharmaceuticals PLC has a consensus rating of “Buy” and a consensus price target of $183.26.
In related news, EVP Michael Patrick Miller sold 200 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $152.98, for a total value of $30,596.00. Following the completion of the sale, the executive vice president now directly owns 22,623 shares in the company, valued at $3,460,866.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Bruce C. Cozadd sold 30,000 shares of the stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $153.47, for a total value of $4,604,100.00. Following the completion of the sale, the chief executive officer now owns 296,418 shares of the company’s stock, valued at $45,491,270.46. The disclosure for this sale can be found here. Insiders sold 40,600 shares of company stock valued at $6,245,820 over the last 90 days. 4.30% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. US Bancorp DE increased its stake in Jazz Pharmaceuticals PLC by 94.4% in the second quarter. US Bancorp DE now owns 758 shares of the specialty pharmaceutical company’s stock worth $118,000 after buying an additional 368 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Jazz Pharmaceuticals PLC by 43.0% in the first quarter. Envestnet Asset Management Inc. now owns 981 shares of the specialty pharmaceutical company’s stock worth $141,000 after buying an additional 295 shares during the last quarter. Gargoyle Investment Advisor L.L.C. acquired a new stake in shares of Jazz Pharmaceuticals PLC during the second quarter worth $206,000. Janney Montgomery Scott LLC acquired a new stake in shares of Jazz Pharmaceuticals PLC during the second quarter worth $211,000. Finally, Brighton Jones LLC acquired a new stake in shares of Jazz Pharmaceuticals PLC during the second quarter worth $213,000. Institutional investors and hedge funds own 86.43% of the company’s stock.
The firm has a market capitalization of $8.58 billion, a PE ratio of 21.59 and a beta of 1.10. The firm has a 50 day moving average price of $155.48 and a 200 day moving average price of $145.64.
About Jazz Pharmaceuticals PLC
Jazz Pharmaceuticals, Inc is a specialty pharmaceutical company focusing on the development and commercialization of pharmaceutical products to meet unmet medical needs in neurology and psychiatry. As of December 31, 2009, the Company markets two products: Xyrem (sodium oxybate) for the treatment of both cataplexy and excessive daytime sleepiness in patients with narcolepsy; and Luvox CR (fluvoxamine maleate) for the treatment of both obsessive compulsive disorder and social anxiety disorder.
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