Citi upgraded GSK to Buy from Neutral with a price target of 2,100 GBp, up from 1,700 GBp. The “compelling” DREAMM-7 data with belantamab mafodotin in myeloma “is the missing piece that pushes us over the line after the last seven years without a positive recommendation,” the analyst tells investors in a research note. The firm says the upgrade is based not only on Blenrep’s “underappreciated” revenue potential but also the cumulative impact of the multiple incremental positives ranging from Zantac liability outlook, Shingrix, astute business development, and increasingly positive ViiV outlook post dolutegravir loss of exclusivity.
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