Glaxo down 2% in Europe on Barclays cut

GlaxoSmithKline (NYSE:GSK) slips 2% in London after Barclays cut its rating to Underperform with a 1,650 pence (9% downside risk) price target.

Barclays says sales growth this year looks challenging with a slight drop in expected earnings, adding that its multiple myeloma drug may be an also-ran compared to offerings from Celgene and Regeneron Pharmaceuticals.

Its forecast is 57% below the consensus for 2023.

Shares down 1% premarket in the U.S. on light volume.

https://seekingalpha.com/news/3532313-glaxo-down-2-in-europe-on-barclays-cut