UPDATE: Jefferies Defending Jazz Pharmaceuticals

Jefferies & Company has published a research report on Jazz Pharmaceuticals

, saying that no impact has been seen from the warning letter JAZZ has received, and encourages investors to take advantage. In the report, Jefferies writes, "This morning, FDA posted a "warning letter" to its website that was dated October 11th. As opposed to most warning letters in this sector that pertain to manufacturing, this is strictly regarding Jazz's surveillance system for monitoring adverse events associated with Xyrem in the clinical practice setting. As stated in the letter: "Your firm does not have adequate written procedures to ensure that adverse drug experiences are detected, correctly identified, assessed, and reported to FDA in accordance with post-marketing regulations." Jazz received the letter last Thursday and chose not to put out a release or 8k since nothing in the letter was materially different than in any of its prior disclosures." Jefferies & Company maintains its Buy rating and $56 price target on Jazz Pharmaceuticals, which is currently trading down $2.37 from yesterday's $43.02 closing price.