Jazz Pharmaceuticals (JAZZ) PT Cut to $170 at Canaccord Genuity

Jazz reported a slightly disappointing Q3 with revenue of $340.9M, missing consensus by $7M. Non-GAAP EPS for the Q was $2.52, below consensus of $2.56.

Full-year guidance was narrowed slightly but it's more toward the lower end of the range given in Q2. Canaccord Genuity analyst, Corey Davis, noted that two pieces of bad news were delivered on the CC but both are one-time events that shouldn't affect Jazz's ongoing fundamentals:

1) Xyrem saw its first ever Q/Q sales decline due to operational disruptions at the central pharmacy from switching to the new REMS system; and

2) Leukotac failed to meet primary or key secondary endpoint in its Ph3 for patients with steroid refractory acute graft versus host disease (aGvHD).

Maintaining Buy rating but decreasing PT from $215 to $170.

For an analyst ratings summary and ratings history on Jazz Pharmaceuticals click here. For more ratings news on Jazz Pharmaceuticals click here.

Shares of Jazz Pharmaceuticals closed at $139.99 yesterday.

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