JAZZ - 1 Cheap Biotech Stock to Buy
The stock market is currently in a state of turmoil. Due to fears surrounding the rapid spread of the novel coronavirus around the world -- which has now been declared a pandemic by the World Health Organization (WHO) -- the three major U.S. stock market indexes have plunged.
Furthermore, things could get worse before they get better, and no one knows how much longer the potentially deadly disease will keep spreading. Many investors are choosing to refrain from buying stocks at the moment, but others see the current environment as an excellent opportunity to find quality stocks at a bargain. If you are in the latter group, one cheap biotech stock you should add to your buy list is Jazz Pharmaceuticals (NASDAQ: JAZZ).
Jazz's crown jewel is a sleep disorder drug called Xyrem. This product has been racking up growing sales of late. During the third quarter, sales of Xyrem were $435.4 million, compared to $374.8 million in the year-ago period. For the full year, Xyrem recorded sales of $1.6 billion, up by 16.9% compared to the fiscal year 2018.