Jazz Pharmaceuticals (JAZZ) PT Raised to $247 at BofA Securities

BofA Securities analyst Jason Gerberry raised the price target on Jazz Pharmaceuticals (NASDAQ: JAZZ) to $247.00 (from $230.00) while maintaining a Buy rating.

The analyst comments "JAZZ delivered favorable Ph3 topline from HERIZON-GEA-01 in gastric (GEA) cancer (Ziihera or Zani). The results suggest Ziihera (zani) is an approvable drug in 1L GEA with amplified HER2 expression, a market we estimate could equate to >$600m US and >$1.1bn global peak sales (nominal basis). JAZZ plans to submit regulatory filings in 1H26, pending near-term discussions with the FDA and partner BeOne (for filing the triplet). Importantly, zani/chemo showed a strong trend towards hitting OS and zani/chemo/PD1 triplet hit OS at the first interim analysis, and JAZZ noted the Ph3 meeting PFS with a trend in OS is sufficient for filing for both arms. Per the PR, JAZZ expects the data support zani as the new 1L standard of care, which implies the underlying triplet data compares favorably to KN811. We see today’s update as thesis- validating: 1) low multiple cannot hold forever once pipeline delivers and Ziihera is more de-risked $1bn+ peak, 2) underlying growth profile remains under-appreciated — see competitors bidding for alternative oxybate when considering durability of JAZZ’s Xywav franchise. We reiterate our Buy on JAZZ based on undemanding valuation & underappreciated growth; raise our PO to $247 (from $230) on higher EV/EBITDA (9x vs 8.5x previously) on positive GEA update."

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