Jazz Pharmaceuticals price target raised to $225 from $217 at BofA

BofA raised the firm’s price target on Jazz Pharmaceuticals (JAZZ) to $225 from $217 and keeps a Buy rating on the shares. Following the recent approval of Modeyso for treatment of an ultra-rare brain tumor, the firm spoke with two key opinion leaders, who offered “positive feedback” on Modeyso uptake and the odds of success for the confirmatory Phase 3 study, the analyst tells investors. While Modeyso’s lead U.S. indication for the recurrent setting is likely to be niche, the firm came away from the expert calls “more assured” about the prospects for the confirmatory ACTION trial, which could boost peak U.S. sales to greater than $400M, the analyst added.