Pharma Stock Flies on Q3 Report, Analyst Praise

No fewer than nine analysts raised their price targets

Deputy Editor
Nov 3, 2020 at 10:25 AM
facebook twitter linkedin

The shares of Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) are up 5.9% at $156 at last check, after a third-quarter earnings and revenue beat. To follow, no fewer than nine analysts raised their price targets, with the highest coming from SVB Leerink to $202 from $194. 

On the charts, today's gap higher has JAZZ closing in on its Oct.12 annual high of $156.26. Breaking above recent pressure at the 10-day moving average, the equity has just surpassed its year-to-date breakeven, a 1.4% discount to yesterday's close. 

The brokerage bunch is overwhelmingly bullish, with 13 of the 14 analysts in coverage at a "buy" or better rating, and the outlier at a tepid "hold." Meanwhile, the 12-month consensus price target of $180.06 is a 19.9% premium to current levels. 

Also worth noting, though short interest has started to fall off, the 4.17 million shares sold short still account for 7.8% of the stock's available float, and would take nearly six days to cover at JAZZ's average pace of trading. As these bearish bets continue to unwind, it could provide a tailwind for the security. 



Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 


300x250 - Banner 3 - v1