GlaxoSmithKline (GSK) NewsBite - FDA Requests Data on GlaxoSmithKline Asthma Drugs

Posted on Wednesday, March 05, 2008 2:36 PM

GlaxoSmithKline PLC (GSK) opened at 42.96. So far today, the stock has hit a low of 42.37 and a high of 44.26. GSK is now trading at 42.38, down 1.28 (-2.98%). The stock hit its 52 week high of 59.98 in April and set its 52 week low of 40.90 in February. GSK has been losing ground for the past year. GlaxoSmithKline shares have been slipping today after the Food and Drug Administration requested more information from the company and other makers of asthma drugs to further analyze the safety of the medicines. The request includes include Glaxo's Advair and Serevent drugs. Technical indicators for the stock are bearish and steady while S&P gives GSK a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider an August bear-call credit spread above the $50 range. GSK stock could rise up to 18% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]