GSK shares gain for a third straight session on Tuesday, company appoints Iain Mackay as Chief Financial Officer

GlaxoSmithKline Plc (GSK) said on Tuesday that it had appointed Iain Mackay as its new Chief Financial Officer (CFO) and as an Executive Director to its board. Mackay is expected to join the London-based pharmaceutical company on January 14th 2019.

GSK shares closed higher for a third consecutive trading session in New York on Tuesday. It has also been the sharpest daily surge since July 20th. The stock went up 1.32% ($0.54) to $41.44, after touching an intraday high at $41.73, or a price level not seen since July 20th ($42.32).

Shares of GlaxoSmithKline Plc have risen 16.83% so far in 2018, following a 7.89% drop in 2017.

“I’m delighted to welcome Iain to GSK. As a proven CFO of a complex, regulated global organisation, he brings tremendous finance experience and will be a great addition to the team,” GSK Chief Executive Officer Emma Walmsley was quoted as saying in the companys press release.

“He is a strong leader with a track record of driving cost, cash and capital allocation discipline to deliver strategy. These capabilities will be vital as we continue to implement our Innovation, Performance and Trust priorities for the benefit of patients and shareholders,” she added.

In May, GSK said that its current Chief Financial Officer, Simon Dingemans, is to leave the company in May 2019. He is to remain accountable as CFO for the company’s financial governance through March 2019.

A chartered accountant, Iain Mackay has served as Group Finance Director at HSBC for the past eight years. Prior to his appointment at HSBC, he worked at General Electric, Schlumberger Dowell as well as Price Waterhouse.

Mackay will take formal accountability as CFO from April 1st 2019.

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding GlaxoSmithKline Plc’s stock price, have a median target of $42.87, with a high estimate of $52.60 and a low estimate of $29.72. The median estimate represents a 3.45% upside compared to the closing price of $41.44 on August 7th.

The same media also reported that 12 out of 27 surveyed investment analysts had rated GlaxoSmithKline Plc’s stock as “Buy”, while 11 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for GlaxoSmithKlines stock are presented as follows:

R1 – $41.47
R2 – $41.50
R3 (Range Resistance – Sell) – $41.53
R4 (Long Breakout) – $41.61
R5 (Breakout Target 1) – $41.71
R6 (Breakout Target 2) – $41.75

S1 – $41.41
S2 – $41.38
S3 (Range Support – Buy) – $41.35
S4 (Short Breakout) – $41.27
S5 (Breakout Target 1) – $41.17
S6 (Breakout Target 2) – $41.13

By using the traditional method of calculation, the weekly levels of importance for GlaxoSmithKline PLC ADR (GSK) are presented as follows:

Central Pivot Point – $40.82
R1 – $41.63
R2 – $42.43
R3 – $43.24
R4 – $44.04

S1 – $40.02
S2 – $39.21
S3 – $38.41
S4 – $37.60