Bullish indicating open at $55-$60, IPO prices at $37
In a recent transaction, Bruce C. Cozadd, Chairman and CEO of Jazz Pharmaceuticals plc (NASDAQ:JAZZ), a $7.37 billion market cap pharmaceutical company with impressive 92.6% gross profit margins, sold 1,500 ordinary shares of the company. The shares were sold at a price of $123.43 each, amounting to a total transaction value of $185,145. Following this sale, Cozadd holds 425,525 shares directly. This transaction was carried out under a Rule 10b5-1 trading plan. According to InvestingPro analysis, Jazz Pharmaceuticals currently trades at a P/E ratio of 16.4 and is considered undervalued based on its Fair Value model. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report covering this stock's full potential.
In other recent news, Jazz Pharmaceuticals has been the subject of several significant developments. The company's CEO, Bruce Cozadd, announced his retirement by the end of 2025, triggering a search for his successor. TD Cowen reiterated its Buy rating on Jazz's shares, undeterred by the CEO transition, due to the robustness of the core business and the prospects of its drug candidate, zanidatamab. The company also confirmed its financial outlook for the fiscal year 2024, projecting revenues between $4.0 and $4.1 billion.
Several analyst firms, including Truist Securities, Morgan Stanley (NYSE:MS), and Piper Sandler, have upgraded their ratings or increased their price targets for Jazz Pharmaceuticals. These adjustments reflect confidence in the company's financial health and growth potential, particularly in relation to the recent FDA approval of Ziihera for second-line biliary tract cancer. Jazz Pharmaceuticals also enhanced its financial flexibility by expanding its credit facility from $500 million to $885 million. These are among the recent developments at Jazz Pharmaceuticals.
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