Zacks Investment Research upgraded shares of Horizon Pharma PLC (NASDAQ:HZNP) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Horizon’s results from the primary care business units was much below expectations in the first quarter due to the implementation of a new commercial model where the company is contracting with pharmacy benefit managers and payers to help patients obtain access to its medicines. The company plans to overcome this underperformance by reducing certain costs in the primary care business unit in order to align its cost structure with the lower- than-expected sales. Due to the divestiture of Procysbi, the company now expects sales in 2017 to come around $985 million to $1.020 billion. On a positive note, Horizon is significantly increasing investments in one its key drugs, Krystexxa. Shares of the company have underperformed the Zacks classified industry.”
HZNP has been the topic of a number of other research reports. Cantor Fitzgerald started coverage on Horizon Pharma PLC in a report on Friday, June 16th. They issued an overweight rating and a $13.00 target price on the stock. ValuEngine downgraded Horizon Pharma PLC from a buy rating to a hold rating in a report on Friday, June 2nd. BMO Capital Markets restated a buy rating and issued a $17.00 price objective (down previously from $24.00) on shares of Horizon Pharma PLC in a report on Tuesday, May 9th. Jefferies Group LLC set a $26.00 price objective on Horizon Pharma PLC and gave the stock a buy rating in a report on Wednesday, April 12th. Finally, Piper Jaffray Companies dropped their price objective on Horizon Pharma PLC from $32.00 to $30.00 and set an overweight rating on the stock in a report on Friday, March 24th. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $20.43.
Horizon Pharma PLC (HZNP) traded down 1.69% during midday trading on Tuesday, hitting $12.80. 3,166,706 shares of the company traded hands. The stock has a 50 day moving average price of $10.83 and a 200-day moving average price of $14.48. Horizon Pharma PLC has a 12-month low of $9.45 and a 12-month high of $23.44. The company’s market cap is $2.08 billion.
Horizon Pharma PLC (NASDAQ:HZNP) last issued its earnings results on Monday, May 8th. The biopharmaceutical company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by $0.04. The business had revenue of $220.90 million during the quarter, compared to analyst estimates of $248.71 million. Horizon Pharma PLC had a negative net margin of 21.26% and a positive return on equity of 21.51%. Horizon Pharma PLC’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 EPS. Analysts expect that Horizon Pharma PLC will post $0.84 EPS for the current year.
Horizon Pharma PLC announced that its Board of Directors has initiated a share repurchase program on Monday, May 8th that authorizes the company to buyback 1,000% of shares. This buyback authorization authorizes the biopharmaceutical company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In related news, Director Michael G. Grey bought 10,000 shares of the firm’s stock in a transaction on Wednesday, May 10th. The stock was purchased at an average price of $9.48 per share, with a total value of $94,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in HZNP. Bank of Montreal Can boosted its stake in shares of Horizon Pharma PLC by 16.3% in the second quarter. Bank of Montreal Can now owns 9,809 shares of the biopharmaceutical company’s stock worth $116,000 after buying an additional 1,378 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Horizon Pharma PLC during the second quarter worth about $316,000. Nuveen Asset Management LLC boosted its stake in shares of Horizon Pharma PLC by 197.1% in the first quarter. Nuveen Asset Management LLC now owns 82,883 shares of the biopharmaceutical company’s stock worth $1,225,000 after buying an additional 54,985 shares during the last quarter. Janus Capital Management LLC boosted its stake in shares of Horizon Pharma PLC by 19.4% in the first quarter. Janus Capital Management LLC now owns 4,409,717 shares of the biopharmaceutical company’s stock worth $65,173,000 after buying an additional 717,643 shares during the last quarter. Finally, Highbridge Capital Management LLC boosted its stake in shares of Horizon Pharma PLC by 128.2% in the first quarter. Highbridge Capital Management LLC now owns 1,545,169 shares of the biopharmaceutical company’s stock worth $22,837,000 after buying an additional 867,927 shares during the last quarter. 84.12% of the stock is owned by hedge funds and other institutional investors.
Horizon Pharma PLC Company Profile
Horizon Pharma Public Limited Company is a biopharmaceutical company. The Company is focused on identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs. As of December 31, 2016, the Company marketed 11 medicines through its orphan, rheumatology and primary care business units.
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