All That Jazz: Jazz Pharma Gains Again After Upgrades
Four times since August, shares of Jazz Pharmaceuticals (JAZZ) pulled back into territory from which buyers typically have been lured off the sidelines. And in every single instance, including the most recent rally of more than 5% in a day, JAZZ came up a winner for short term traders and active investors.
Three consecutive days with “consider buying” ratings in late August led to a one-day rally of well over 8%. Five days later, shares of JAZZ were up more than 24%.
In early October, JAZZ again earned an upgrade that returned the stock to “consider buying” territory. One day later, JAZZ closed higher nearly 6%. Five days later? Up 17%.
A pair of days with JAZZ again in oversold territory in mid-October set the stage for next-day gains of more than 4% and five day gains of greater than 5%.
And after a trading range in the stock that lasted more than a week, during which the stock earned top ratings for four out of the past five sessions, buyers were off the benches and into the game again, bidding shares of Jazz Pharmaceuticals higher by well over 6% by Friday afternoon.
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David Penn is Editor in Chief of TradingMarkets.com