Bear Stearns cuts Glaxo to underperform

GlaxoSmithKline was downgraded to underperform from peer perform by Bear Stearns analyst Alexandra Hauber. Following presentation of the Dream study data, the analyst cut the Avandia forecast to £2.5 billion from £2.7 billion in 2010. The decrease reflects the risk of Avandia's deteriorating competitive profile, especially in comparison to the clean safety profile of DPP-IV highlighted by Merck and Novartis. Upcoming catalysts for GlaxoSmithKline include U.S. submission of Cervarix and presentation of the Adopt data. Shares of the Brentford, U.K.-based pharmaceutical company were down $1.26, or 2.27%, at $54.32. (NYSE: GSK)

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