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GlaxoSmithKline Surges On Report Activist Investor Takes ‘Significant’ Stake

GlaxoSmithKline (GSK) gained Thursday on a report activist investor Elliott Management has built a “significant” stake in the pharmaceutical giant. In early action, GSK stock gapped up.




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According to the Financial Times, Elliott has gobbled up a large stake in GSK stock.

GlaxoSmithKline is working on spinning off its consumer health division into a joint venture with Pfizer (PFE). Meanwhile, its drug operations will operate as a standalone biopharma company.

On the stock market today, GSK stock surged 4.3% to 37.69. Shares touched their highest point since late January.

On a year-to-date basis, however, GSK stock was up 2.4% for the year, as of Thursday’s close. Shares have a poor Relative Strength Rating of 9 out of a best-possible 99. This means GSK stock outranks only 9% of stocks in terms of 12-month performance, according to IBD Digital.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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