GlaxoSmithKline: shares down after UBS downgrade

(CercleFinance.com) - Investment bank UBS has downgraded its rating on British drugmaker GlaxoSmithKline on Friday, causing the shares to slip slightly.


GSK shares were down 0.5% at 1,530.4 pence by 10:30 (London time), one of the sharpest fallers on UK's bluechip FTSE 100 index, after UBS downgraded the stock from "buy" to "neutral."

The broker also cut its target price from 1,700 pence to 1,650 pence.

"2019 is likely to be difficult for GSK's HIV business," UBS said. "We think the shares will struggle to perform if there is nervousness on HIV," the broker added.

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