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.
According to the Financial Times, Elliott has gobbled up a large stake in GSK stock.
In morning trading on the stock market today, GSK stock surged 5.3% near 38.10. That put shares at their highest point since late January.
On a year-to-date basis, however, GSK stock was down 1.8% for the year, as of Wednesday’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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