William Blair Maintains Market Perform On Shire In Light Of AbbVie’s Recent Acquisition Offer
In a research note reported yesterday, William Blair analyst Tim Lugo maintained a Market Perform rating on Shire PLC. (SHPG) with a $250.00 price target following AbbVie’s most recent offer to acquire SHPG shares, which has an 11% premium over the previous offer.
Lugo commented, “We maintain our Market Perform rating on SHPG shares, as we have no conviction in chasing shares following the disclosure of AbbVie’s interest in the company. We would be buyers on weakness if shares were to fall in the wake of no acquisition being completed, as we believe Shire is one of the highest-quality company’s in the sector. The next growth drivers for the company include continued ramp-up of the neuroscience franchise and the late-stage pipeline candidates, which include Lifitegrast in dry eye disease and Premiplex in the orphan disease ROP”.
According to TipRanks.com, analyst Tim Lugo currently has an average return of -9.2% and a 33% success rate. Lugo is ranked #2974 out of 3182 analysts.