logo-loader

Glaxo's study results more bad than good reckons JP Morgan

Strong Phase III data for its Shingrix shingles vaccine in patients over 70 years follow encouraging data from the 50 years and older study.

Astrazeneca2_opt_opt.jpg
The pharma giant released two phase III test results yesterday

There was more bad news than good yesterday for GlaxoSmithKline (LON:GSK) according to JP Morgan.

Strong Phase III data for its Shingrix shingles vaccine in patients over 70 years follow encouraging data from the 50 years and older study.

But, poor initial data from its Losmapimod phase III acute coronary syndrome (ACS), or heart attacks, testing has meant it will not proceed to the full study.

“Losmapimod ACS failure more than offsets strong Shingles vaccine data in patients aged over 70,” the broker said.

It sees the news as “slightly negative”, but keeps its ‘neutral’ rating and 1,370p target price on the stock.

Elsewhere, the broker has cooled on Burberry (LON:BRBY), citing the flat first half sales for its pessimism.

JP Morgan downgraded its target price to 1,500p from 1,560p but retained its ‘neutral’ rating.

 Also on the chopping block was WM Morrisons, though it was the BoE Merrill Lynch wielding the axe. The broker moved to ‘neutral’ from ‘buy’ on the stock.

Jefferies sweetened on sugar maker Tate & Lyle (LON:TATE), upping its price target to 660p from 605p ahead of next week’s interim results release.

In the small cap space, Peel Hunt has put an 8.8p price target on Shanta Gold as it sees the optimised mine plan bolstering its margins. 

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: PharmaCielo looking to 2020 as a transformative year for the...

PharmaCielo (CVE: PCLO) Chief Corporate Officer David Gordon joined Steve Darling from Proactive in Toronto to talk about the cannabis company whose operations are in Colombia. Gordon talked about the facilities they have and the advantages the climate in Colombia has for...

13 hours, 52 minutes ago

RNS

Director/PDMR Shareholding

2 days, 18 hours ago

Director/PDMR Shareholding

2 days, 18 hours ago

Director/PDMR Shareholding

2 days, 18 hours ago

Director/PDMR Shareholding

2 days, 18 hours ago

Director/PDMR Shareholding

6 days, 17 hours ago

Director/PDMR Shareholding

6 days, 19 hours ago

Director/PDMR Shareholding

1 week, 1 day ago

Director/PDMR Shareholding

2 weeks, 3 days ago

2 min read