Sanofi upped to hold at Deutsche Bank as Zantac fears make a sell ‘egregious’


Sanofi SNY, -3.94% SAN, +0.92% was upgraded to hold from sell at Deutsche Bank, after the heavy selling over the previous two days on worries about Zantac heartburn medication litigation. The first trial is set to begin on Aug. 22. “We think the Zantac knee-jerk is starting to look somewhat overdone. This doesn’t make for an obvious buying opportunity in our view, but maintaining a sell at these levels feels egregious,” said analyst Emmanuel Papadakis. Of companies also impacted by Zantac worries, GSK GSK, +3.34% GSK, +11.11% climbed 2.5% in early London action while Haleon HLN, +1.50% HLN, +1.50% slipped a further 0.3%.

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