Schaeffer's Trading Floor Blog

Stocks at New Highs: Jazz Pharmaceuticals Briefly Breaks Above $50

JAZZ rose to a fresh record high in today's trading, extending its long-term uptrend

by 1/30/2012 3:03 PM
Stocks quoted in this article:

Given the generally negative bias in the broader equities market, it might surprise you to learn that no fewer than 135 securities have tagged a fresh annual high on the NYSE today, compared to only nine new lows. (In fairness, though, a disproportionate number of those new highs are either bonds or bond funds.) Meanwhile, the Nasdaq reports a slightly tamer 47 annual highs, along with just 12 annual lows. Among the notable stocks rising to new highs in today's trading is drug company Jazz Pharmaceuticals (JAZZ - 47.13).

JAZZ price chartSpecifically, JAZZ touched a new all-time peak of $50.46 right out of the gate this morning. The stock has since retreated into negative territory, but JAZZ remains comfortably north of short-term support at its rising 10-day and 20-day moving averages. These short-term trendlines have ushered the shares to a gain of 24.2% so far in 2012. In fact, over the past 52 weeks, JAZZ has surged roughly 115%.

Given this technical prowess, it's not too surprising to find that all five analysts following the stock maintain a "strong buy" recommendation, according to Zacks. However, there's still some skepticism left to unwind. After a 40.3% surge during the most recent reporting period, short interest now accounts for a decent 4.7% of the equity's float. As JAZZ treks deeper into previously uncharted territory, a capitulation by these bears could push the shares even higher.


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