5 Best CBD Stocks To Invest In

2. Jazz Pharmaceuticals plc (NASDAQ:JAZZ)

Number Of Hedge Fund Holders: 35

Jazz Pharmaceuticals plc (NASDAQ:JAZZ) is an Irish specialty cannabis biopharmaceutical company that develops several drugs to treat diseases and disorders, including cancer and PTSD. A leader in the cannabinoid market, the company got its hands on the industry’s first FDA-approved cannabis-based medicine last February.

Jazz Pharmaceuticals plc (NASDAQ:JAZZ), along with its cannabinoid subsidiary GW Pharmaceuticals (NASDAQ:GWPH), has kicked off construction of a new U.K. manufacturing plant at Kent Science Park in Sittingbourne. The company will reportedly invest more than $100 million into the 60,000-square-foot facility, which is expected to become operational in 2024 in order to specifically support manufacture of Jazz and GW’s two approved cannabis-based medicines.

On May 5, Cowen analyst Ken Cacciatore raised the price target on Jazz Pharmaceuticals plc (NASDAQ:JAZZ) to $225 from $200 and kept an Outperform rating on the shares. The analyst said that the company’s Q1 was solid and 2022 guidance was increased, driven by strong performance from Xywav, which remains his key focus.

35 hedge funds owned a stake in the company as of the first quarter of 2022, with Jim Simons’ Renaissance Technologies being the largest investor in Jazz Pharmaceuticals plc (NASDAQ:JAZZ), owning over 1.5 million shares worth roughly $236 million.