Shire share price: Credit Suisse boosts price target on the stock

on Dec 21, 2013
Updated: Oct 21, 2019
Listen, Saturday, December 21: Credit Suisse has boosted its price target on Ireland-based pharmaceuticals group Shire Plc (LON:SHP) while maintaining its neutral rating on the stock, Analyst Ratings Network has reported. Shire’s share price, which has surged some 45 percent this year, closed 0.25 percent higher at 2,802.00p in London yesterday.

In other Shire news, the company recently announced that it had moved closer to completing the acquisition of ViroPharma after a key waiting period had expired, satisfying one of the conditions to the tender offer.
**Credit Suisse boosts price target on Shire**
Credit Suisse on Thursday raised its price target on Shire to 2,900p, up from 2,750p, bringing the consensus price target on the pharmaceuticals group to 2,404.36p. Credit Suisse however maintained its ‘neutral’ rating on the stock. Earlier this week, analysts at Deutsche Bank reiterated their ‘buy’ rating on Shire and kept their price target of 3,850p. Shire has been rated as ‘overweight’ by Barclays which has a price target of 2,800p on the company’s shares.

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Shire’s share price however, was negatively impacted earlier this month when UBS AG moved its recommendation from ‘buy’ to ‘neutral’, pointing to potential for disappointment in forthcoming clinical trials.
“Indeed, we believe the Lifitegrast Phase III trial and the Vyvanse in Major Depression Disorder may not have selected the right type of patients and could lead to disappointing results,” the bank said, as quoted by the Guardian. “Moreover, we believe Shire could face negative sentiment risk around the challenge of the Vyvanse patent in mid-2014 and prefer staying on the side-line for now, downgrading to neutral.”

At the beginning of this month, Shire announced mixed late-stage trial results for its Lifitegrast drug for increasing tear production in patients with chronic dry eyes. (Shire share price volatile on mixed trial results for key new dry eye drug)

**ViroPharma acquisition update**
Shire said in a statement last week that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) relating to the company’s tender offer to buy US rare diseases specialist ViroPharma Incorporated had expired on December 10.
While the expiration of the HSR waiting period satisfied one of the conditions of the tender offer, the ViroPharma acquisition remains subject to several other conditions, including approval of the transaction by the UK Office of Fair Trading.

The $4.2 billion (£2.6 billion) ViroPharma acquisition, announced last month, is aimed at strengthening Shire’s rare disease portfolio and is part of the group’s ‘One Shire’ strategy for prioritising future investments. (Shire share price soars on $4.2bn ViroPharma acquisition)
**On December 20, buy Shire shares at 2,800.00p.**
**On December 20, sell Shire shares at 2,798.00p.**
Trade stocks with Hargreaves Lansdown from £5.95 per deal.
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