Jazz Pharmaceuticals PLC (JAZZ) saw its stock price plummet by 5.85% during Wednesday's intraday trading session, as investors reacted to a series of target price cuts from major investment banks and research firms.

The significant drop in JAZZ's share price comes in the wake of several analyst reports adjusting their outlook on the company. Multiple financial institutions, including Piper Sandler, RBC, and Morgan Stanley, have lowered their target prices for Jazz Pharmaceuticals, signaling potential concerns about the company's near-term prospects.

Notably, Piper Sandler made the most substantial reduction, cutting its target price to $147 from $176. RBC lowered its target to $172 from $182, while Morgan Stanley adjusted its price target to $166 from $183, although it maintained an Overweight rating on the stock. These downgrades have likely contributed to the negative sentiment surrounding JAZZ, despite a contrasting move by BofA Global Research, which raised its price objective to $216 from $213. Despite the day's sharp decline, analysts polled by FactSet maintain an average "buy" rating on Jazz Pharmaceuticals, with a mean price target of $187.35, suggesting potential upside from current levels if the company can address the concerns that led to today's target price reductions.