GSK Gsk Plc

By Aisha al-Muslim

International stocks trading in New York closed slightly lower on Wednesday.

The BNY Mellon index of American depositary receipts was almost flat, down 0.03% to 143.73. The Asian index fell 0.3% to 166.38. The Latin American index fell 0.04% to 253.99, and the emerging-markets index lost 0.1% to 317.10. The European index was the only gainer, up 0.1% to 133.36.

Banco Bilbao Vizcaya Argentaria SA's (BBVA), British American Tobacco PLC (BTI) and GlaxoSmithKline PLC (GSK) were among those with ADRs that traded actively.

BBVA's Propel Venture Partners is taking part in a $19 million funding round of U.S.-based Ease, whose software offers human resources solutions for small and medium U.S. businesses. The San Francisco venture capital firm didn't disclose the amount that it is investing. Ease "will be using the capital boost to increase its product range and bring in new experience," BBVA said Wednesday. ADRs of BBVA fell 0.8% to $6.15.

British American Tobacco's financial targets are ahead of consensus estimates and if the company can deliver, there is significant upside on its current valuation, UBS analysts say. The bank says concerns as to whether BAT would be able to grow next-generation product revenue caused shares to de-rate, but the analysts argue that the company is likely to hit its 2023-2024 targets. UBS says the financial consequence of meeting these targets is that the tobacco company is on a clear path to reduce its debt. As such, the current discount on shares presents a significant opportunity, UBS says, reiterating its buy recommendation. ADRs of British American Tobacco rose 1.7% to $42.20.

Results from a clinical trial of GlaxoSmithKline's cancer drug dostarlimab are positive and seem to show that it is competitive with Merck's Keytruda, said Shore Capital, though it cautions that more research is needed. Based on data from the Garnet study, Shore Capital says that at the moment dostarlimab looks at least as--if not more--effective than Keytruda in treating advanced or recurrent endometrial cancer, but that a cross-trial comparison is difficult because different evaluation criteria were used in analyzing Merck's drug. The U.S. bank says it looks forward to seeing additional data that will make the comparison easier. GlaxoSmithKline rose 0.9% to $40.81.

Write to Aisha al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

March 20, 2019 17:22 ET (21:22 GMT)

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