Jazz Pharmaceuticals (JAZZ) PT Lowered to $154 at Wells Fargo

Wells Fargo analyst David Maris lowered the price target on Jazz Pharmaceuticals (NASDAQ: JAZZ) to $154.00 (from $183.00) while maintaining a Outperform rating after the company announced that the US FDA has extended the review period for its new drug application (NDA) for JZP-110 (solriamfetol) from yesterday (December 20) to March 20, 2019.

Maris sees today's move as outsized partly because end of year disappointing news often has larger impacts.

Despite the potential of being "dead money" until the approval or some business development move, they contemplated their rating but valuation is keeping them at Outperform.

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