Bruce Cozadd, Chairman and CEO of Jazz Pharmaceuticals plc (NASDAQ:JAZZ), recently sold 2,000 ordinary shares of the company. The shares were sold at an average price of $121.17 each, amounting to a total transaction value of $242,340. Following this sale, Cozadd retains ownership of 427,025 shares. According to InvestingPro data, Jazz Pharmaceuticals maintains impressive financial health with industry-leading gross profit margins of 93% and strong liquidity, with current assets exceeding short-term obligations by more than 4 times.
This transaction was conducted under a pre-arranged trading plan, commonly known as a Rule 10b5-1 plan, which allows company insiders to sell a predetermined number of shares at a predetermined time. Additionally, Cozadd recently acquired 49 ordinary shares through an employee stock purchase plan at the end of November. InvestingPro analysis suggests the stock is currently undervalued, with 8 additional exclusive insights available to subscribers, including detailed information about management's aggressive share buyback program and the company's financial outlook.
In other recent news, Jazz Pharmaceuticals has announced a strategic amendment to its credit agreement, increasing its revolving credit facility from $500 million to $885 million and extending the maturity date from 2026 to 2029. This move is expected to enhance the company's financial flexibility. Additionally, Jazz Pharmaceuticals has seen notable developments in its drug portfolio. The patient base for Xywav, one of the company's key medications, has increased, a development that was positively received by analysts from Baird.
In response to this growth, Baird has raised the price target for Jazz Pharmaceuticals from $154 to $162. Concurrently, Piper Sandler has slightly decreased its price target for the company to $163, while Jefferies has raised its stock price target to $160. These adjustments are based on the company's attractive valuation and projected revenue and earnings growth rates.
Furthermore, the U.S. Food and Drug Administration has recently granted accelerated approval to zanidatamab, a therapy developed by Jazz Pharmaceuticals for patients with previously treated, unresectable or metastatic HER2+ biliary tract cancer. This approval marks a significant regulatory milestone for the company. Jazz Pharmaceuticals is also awaiting phase 3 topline progression-free survival results for zanidatamab, expected in the second quarter of 2025. These are the recent developments for Jazz Pharmaceuticals.
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