Shire PLC (SHP) Trading Down 2.3% After Analyst Downgrade

Shares of Shire PLC (LON:SHP) dropped 2.3% during mid-day trading on Thursday after J P Morgan Chase & Co lowered their price target on the stock from GBX 5,500 to GBX 5,300. J P Morgan Chase & Co currently has an overweight rating on the stock. Shire PLC traded as low as GBX 3,926 ($50.70) and last traded at GBX 3,955 ($51.08). Approximately 2,245,875 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 2,559,870 shares. The stock had previously closed at GBX 4,046.50 ($52.26).

Several other analysts have also issued reports on SHP. Citigroup Inc. reaffirmed a “buy” rating and issued a GBX 6,500 ($83.95) target price on shares of Shire PLC in a research note on Wednesday, May 17th. Deutsche Bank AG reaffirmed a “buy” rating and issued a GBX 6,100 ($78.78) target price on shares of Shire PLC in a research note on Friday, May 19th. Barclays PLC reaffirmed an “overweight” rating and issued a GBX 6,500 ($83.95) target price on shares of Shire PLC in a research note on Friday, May 19th. HSBC Holdings plc lowered Shire PLC to a “reduce” rating and cut their target price for the stock from GBX 4,550 ($58.76) to GBX 4,450 ($57.47) in a research note on Friday, May 19th. Finally, Liberum Capital reaffirmed a “buy” rating and issued a GBX 5,500 ($71.03) target price on shares of Shire PLC in a research note on Friday, May 26th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of GBX 5,837.29 ($75.39).

In other Shire PLC news, insider Dominic Blakemore bought 152 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The stock was bought at an average price of GBX 4,255 ($54.95) per share, for a total transaction of £6,467.60 ($8,352.83). Also, insider Flemming Ornskov bought 8,400 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were acquired at an average price of GBX 3,665 ($47.33) per share, with a total value of £307,860 ($397,597.83).

The firm’s market capitalization is GBX 35.52 billion. The company’s 50-day moving average price is GBX 3,937.45 and its 200 day moving average price is GBX 4,399.41.

The firm also recently declared a dividend, which will be paid on Friday, October 20th. Investors of record on Thursday, September 7th will be paid a dividend of GBX 3.85 ($0.05) per share. This represents a dividend yield of 0.1%. The ex-dividend date of this dividend is Thursday, September 7th.

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Shire PLC Company Profile

Shire plc is a biotech company focused on serving people with rare diseases and other specialized conditions. The Company’s segment is engaged in research, development, licensing, manufacturing, marketing, distribution and sale of specialist medicines. It focuses its development resources on projects in various therapeutic areas (TAs), including Neuroscience, Ophthalmology, Hematology, Oncology, Immunology, Gastrointestinal (GI)/Metabolic/Endocrinology Diseases.

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