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GSK CHAIRMAN TO STEP DOWN AHEAD OF SPLIT, STOCK BELOW ALL MAs - Capital Street FX
GSK CHAIRMAN TO STEP DOWN AHEAD OF SPLIT, STOCK BELOW ALL MAs
GlaxoSmithKline’s stock is currently trading at 1493.40-lower by 0.35% as compared to its previous close.
The company’s Chairman Philip Hampton will step down after more than three and a half years in the role, as the drugmaker prepares to split its business into two. The announcement comes a month after GSK’s CEO announced her plans – to split the company into two businesses — one for prescription drugs and vaccines, the other for over-the-counter products.
The CEO announced in December that GSK and Pfizer would combine their consumer health businesses in a joint venture with sales of 9.8 billion pounds, 68%-owned by the British company, in an all-equity transaction.
Stocks of GSK have, however, remained flat after peaking about 17% during Chairman Hampton’s tenure.
On the technical front, the current price is below the MA5 and the MA20. The current price is below the middle line of the Bollinger Bands and is heading downwards. The RSI is currently at 46.92% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 1494 TAKE PROFIT AT 1489 STOP LOSS AT 1497