GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) announces results from two completed Epidiolex® (cannabidiol or CBD) Phase 3 trials, one in Lennox-Gastaut syndrome (LGS) and one in Dravet syndrome (DS), will be presented at the American Epilepsy Society (AES) Annual Meeting, December 2-6, 2016, in Houston, Texas.
More than a dozen independent reports from the State-sponsored Epidiolex Expanded Access Program, as well as additional laboratory studies of CBD, scientific updates, and an overview of the legal and regulatory climate for cannabinoids will also be presented during the meeting. For the first time, company-sponsored activities will be conducted under Greenwich Biosciences, Inc., GW’s new name for its operating unit in the United States.
“We are very excited to share these data from our Phase 3 programs with the epilepsy community. These presentations are the culmination of intensive effort by the GW in-house team and more than 50 participating sites over the past two years, and reflect the courage and commitment of patients and their families. We can now focus on the ultimate goal, which is to gain approval for Epidiolex and make this much-needed treatment available,” said Justin Gover, GW’s Chief Executive Officer. “We have also reached an ideal moment to introduce our new U.S. identity, Greenwich Biosciences, which will be the face of our company to patients and their families, clinicians, and the general public in the United States.”
Greenwich Biosciences (pronounced “gren-ich”), headquartered in Carlsbad, California, is incorporated in the United States and 100% owned by UK-based GW Pharmaceuticals plc. As the corporate parent, GW will remain the publicly-traded entity, be responsible for regulatory filings in the United States, and control the ongoing development and intellectual property associated with Epidiolex and the rest of the company’s cannabinoid pipeline. (Original Source)
Shares of GW Pharmaceuticals are currently trading at $109.49, down $2.16 or -1.93%. GWPH has a 1-year high of $137.88 and a 1-year low of $35.83. The stock’s 50-day moving average is $126.03 and its 200-day moving average is $97.28.
On the ratings front, GWPH stock has been the subject of a number of recent research reports. In a report issued on November 21, Goldman Sachs analyst Salveen Richter maintained a Buy rating on GWPH, with a price target of $185, which implies an upside of 66% from current levels. Separately, on November 16, Leerink Swann’s Paul Matteis reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Salveen Richter and Paul Matteis have a yearly average return of 29.0% and 7.5% respectively. Richter has a success rate of 66% and is ranked #103 out of 4243 analysts, while Matteis has a success rate of 57% and is ranked #564.
Sentiment on the street is mostly bullish on GWPH stock. Out of 6 analysts who cover the stock, 6 suggest a Buy rating . The 12-month average price target assigned to the stock is $175.67, which represents a potential upside of 57% from where the stock is currently trading.
GW Pharmaceuticals Plc engages in the business of discovering, developing and commercializing novel therapeutics from proprietary cannabinoid product platform in a broad range of disease areas. The company operates through the following segments: Commercial, Sativex Research & Development and Pipeline Research & Development. The Commercial segment promotes Sativex through strategic collaborations with major pharmaceutical companies for the currently approved indication of spasticity due to multiple sclerosis. The Sativex Research & Development segment seeks to maximize the potential of Sativex through the development of new indications. The Pipeline Research & Development segment seeks to develop cannabinoid medications other than Sativex, which are using the Group’s proprietary cannabinoid technology platform.