Mizuho Securities analyst, Irina Koffler, reiterated her Buy rating on Jazz Pharmaceuticals (NASDAQ: JAZZ) but cut her price target to $127.00 from $185.00.

The estimate and PT cuts reflect a 3Q:16 miss and disclosure of a potentially disappointing Xyrem life-cycle extension product. The analyst sharpened her pencil and became more conservative with her Xyrem assumptions and overall outlook. The new PT of $127 is based on lower pricing, higher discounts, and assumed competitive entry in 2022.

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Shares of Jazz Pharmaceuticals closed at $106.19 yesterday.