JAZZ - Jazz Pharma slips as Goldman Sachs moves to sideline citing recent gains

Following three consecutive sessions of gains, Jazz Pharmaceuticals (NASDAQ:JAZZ -3.3%) is trading lower in the morning hours Wednesday after Morgan Stanley downgraded the neurology-focused pharma company citing the recent outperformance in its shares. Noting that Jazz (JAZZ) has climbed more than 26% in the year so far, while SPDR Biotech ETF (XBI) has lost 14%, the firm argues that the YTD outperformance has captured most of its upside potential. The price target lowered to $196 from $202 per share implies an upside of ~20% to the last close, which, according to the company, is another reason for the downgrade as the neutral-rated stocks in its coverage have an average upside of 14%. However, the analysts are ready to revise the outlook subject to further expansions of Xywav in sleeping abnormalities such as narcolepsy and idiopathic hypersomnia (IH) and revenue gains for seizure therapy Epidiolex. Xywav, a low sodium version of

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Jazz Pharma slips as Goldman Sachs moves to sideline citing recent gains