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GlaxoSmithKline: shares slip after UBS downgrade

( - GlaxoSmithKline fell nearly 1% in morning trading on Thursday, after UBS downgraded the FTSE-100 component from "buy" to "neutral.

In a note to clients, the broker said it remains in "a holding pattern" until more information is available regarding the British drugmaker's separation from its consumer unit.

After GSK's 2018 announcement that it intends to part ways with its consumer health business as part of a joint venture with Pfizer, which is expected to be completed in late 2022, investors have tended to gravitate towards valuation methodology for the shares, UBS pointed out.

"We think this mindset will persist until things are clearer, particularly given few clinical catalysts in the first half of 2021," it added.

UBS has also cut its target price for the stock from 1,730 pence to 1,440 pence.

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