Horizon Pharma PLC (HZNP) Stock Rating Upgraded by Zacks Investment Research

Horizon Pharma PLC (NASDAQ:HZNP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, July 11th.

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 several other reports. Piper Jaffray Companies cut their price target on shares of Horizon Pharma PLC from $32.00 to $30.00 and set an “overweight” rating on the stock in a research note on Friday, March 24th. BMO Capital Markets reiterated a “buy” rating and set a $24.00 price target on shares of Horizon Pharma PLC in a research note on Wednesday, March 29th. Jefferies Group LLC set a $26.00 price target on shares of Horizon Pharma PLC and gave the stock a “buy” rating in a research note on Wednesday, April 12th. Mizuho lowered shares of Horizon Pharma PLC from a “buy” rating to a “neutral” rating and cut their price target for the stock from $22.00 to $10.00 in a research note on Tuesday, May 9th. Finally, Cowen and Company set a $20.00 price objective on shares of Horizon Pharma PLC and gave the company an “outperform” rating in a research note on Tuesday, May 9th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $19.46.

Shares of Horizon Pharma PLC (NASDAQ HZNP) opened at 12.08 on Tuesday. Horizon Pharma PLC has a 1-year low of $9.45 and a 1-year high of $23.44. The company’s 50 day moving average price is $12.44 and its 200-day moving average price is $13.66. The company’s market capitalization is $1.97 billion.

Horizon Pharma PLC (NASDAQ:HZNP) last announced its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.29. Horizon Pharma PLC had a negative net margin of 42.40% and a positive return on equity of 22.85%. The business had revenue of $289.51 million for the quarter, compared to analyst estimates of $237.01 million. During the same period last year, the business earned $0.56 EPS. The company’s revenue was up 12.5% on a year-over-year basis. On average, equities analysts forecast that Horizon Pharma PLC will post $1.07 earnings per share for the current year.

Horizon Pharma PLC declared that its Board of Directors has initiated a share repurchase program on Monday, May 8th that allows the company to buyback 1,000% of shares. This buyback authorization allows the biopharmaceutical company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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Institutional investors have recently made changes to their positions in the company. First Mercantile Trust Co. boosted its position in shares of Horizon Pharma PLC by 2.7% in the first quarter. First Mercantile Trust Co. now owns 11,770 shares of the biopharmaceutical company’s stock worth $174,000 after buying an additional 310 shares during the last quarter. Profund Advisors LLC boosted its position in shares of Horizon Pharma PLC by 0.8% in the first quarter. Profund Advisors LLC now owns 13,508 shares of the biopharmaceutical company’s stock worth $200,000 after buying an additional 112 shares during the last quarter. First Manhattan Co. acquired a new position in shares of Horizon Pharma PLC during the first quarter worth about $295,000. Graybill Bartz & Assoc Ltd. boosted its position in shares of Horizon Pharma PLC by 1.6% in the first quarter. Graybill Bartz & Assoc Ltd. now owns 165,260 shares of the biopharmaceutical company’s stock worth $2,443,000 after buying an additional 2,620 shares during the last quarter. Finally, Creative Planning boosted its position in shares of Horizon Pharma PLC by 45.6% in the first quarter. Creative Planning now owns 122,502 shares of the biopharmaceutical company’s stock worth $1,811,000 after buying an additional 38,354 shares during the last quarter. Institutional investors own 82.95% of the company’s stock.

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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