Why GSK Is So Deep in the Red Today
Shares of pharmaceutical company GSK (NYSE: GSK) -- formerly known as GlaxoSmithKline -- are down 9.4% as of 2:01 p.m. ET Thursday, according to data from S&P Global Market Intelligence, up slightly from an early intraday loss of 9.9%. The sell-off stems from reports of potential litigation regarding ulcer and acid reflux treatment ranitidine, better known as Zantac. After being sold for years, Zantac and other brand names of ranitidine were removed from the U.S. market by the FDA in early 2020 due to concerns the treatment could cause cancer.
