Horizon Pharma PLC (HZNP) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of Horizon Pharma PLC (NASDAQ:HZNP) from a sell rating to a hold rating in a research report report published on Friday.
According to Zacks, “Horizon’s second-quarter results were impressive with the company beating on both the top and bottom line estimates. Moreover, the increase in sales guidance for 2017 was encouraging as well. However, revenues from primary care business units declined 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. Moreover, in Jun 2017, Horizon Pharma sold the marketing rights for Procysbi and Quinsair in the Europe, the Middle East and Africa regions to Chiesi Farmaceutici S.p.A. as the company focuses on higher-return businesses. Shares of the company have underperformed the industry. With the company’s efforts to expand Actimmune’s label suffered a setback, focus will be on Krystexxa’s performance. Stiff competition for drugs will also impact sales.”
Other analysts have also issued research reports about the stock. UBS AG set a $16.00 price target on shares of Horizon Pharma PLC and gave the stock a buy rating in a research report on Wednesday, June 7th. Cantor Fitzgerald reiterated an overweight rating and set a $17.00 price target (up previously from $13.00) on shares of Horizon Pharma PLC in a research report on Wednesday, August 9th. BMO Capital Markets reiterated a buy rating and set a $17.00 price target on shares of Horizon Pharma PLC in a research report on Friday, July 28th. Piper Jaffray Companies set a $18.00 price target on shares of Horizon Pharma PLC and gave the stock a buy rating in a research report on Monday, August 7th. Finally, Citigroup Inc. reduced their price target on shares of Horizon Pharma PLC from $20.00 to $13.00 and set a buy rating on the stock in a research report on Tuesday, May 9th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $19.46.
Horizon Pharma PLC (NASDAQ HZNP) opened at 11.93 on Friday. Horizon Pharma PLC has a 1-year low of $9.45 and a 1-year high of $23.24. The company’s market cap is $1.95 billion. The stock has a 50 day moving average of $12.45 and a 200-day moving average of $13.59.
Horizon Pharma PLC (NASDAQ:HZNP) last posted its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.29. The business had revenue of $289.51 million for the quarter, compared to analyst estimates of $237.01 million. Horizon Pharma PLC had a negative net margin of 42.40% and a positive return on equity of 22.85%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the business posted $0.56 EPS. On average, equities research analysts predict that Horizon Pharma PLC will post $1.07 earnings per share for the current year.
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Horizon Pharma PLC declared that its board has initiated a stock buyback plan on Monday, May 8th that allows the company to buyback 1,000% of shares. This buyback authorization allows the biopharmaceutical company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
Several institutional investors have recently added to or reduced their stakes in HZNP. Morgan Stanley increased its position in Horizon Pharma PLC by 59.7% in the first quarter. Morgan Stanley now owns 1,422,666 shares of the biopharmaceutical company’s stock valued at $21,027,000 after buying an additional 531,882 shares during the last quarter. US Bancorp DE increased its position in Horizon Pharma PLC by 1.2% in the first quarter. US Bancorp DE now owns 32,050 shares of the biopharmaceutical company’s stock valued at $473,000 after buying an additional 368 shares during the last quarter. Graybill Bartz & Assoc Ltd. increased its position in 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 valued at $2,443,000 after buying an additional 2,620 shares during the last quarter. Wellington Management Group LLP acquired a new position in Horizon Pharma PLC during the first quarter valued at about $730,000. Finally, Sheaff Brock Investment Advisors LLC acquired a new position in Horizon Pharma PLC during the first quarter valued at about $148,000. 83.75% of the stock is owned by hedge funds and other institutional investors.
About Horizon Pharma PLC
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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