In a research report published today, Piper Jaffray analyst Joshua Schimmer maintained an Overweight rating on GW Pharmaceuticals (NASDAQ:GWPH) with a price target of $147, following today’s news that the first phase 3 Sativex study for cancer pain failed to reach its primary endpoint.

Schimmer wrote, “Pain is a challenging endpoint and the Sativex efficacy signal in P2 was modest, so this result comes as little surprise. Our thesis on GWPH has almost completely shifted to Epidiolex, and while Sativex represents ~6% of our total 2022 revenue estimate, we believe our current Epidiolex expectations may have offsetting or greater upside.”

The analyst concluded, “Some investors had moved to the sidelines pending these Sativex results and even negative clarity should help alleviate this overhang and help shares start moving in the right direction.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joshua Schimmer has a total average return of 28.6% and a 77.1% success rate. Schimmer has a 17.3% average return when recommending GWPH, and is ranked #50 out of 3434 analysts.