Cowen Reiterates Outperform On GW Pharmaceuticals PLC- ADR Following Recent Positive Proof Of Concept Data In Schizophrenia
Cowen’s healthcare analyst Phil Nadeau weighed in today with a few insights on GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH), following Monday’s news that the company’s exploratory Phase 2a placebo-controlled clinical trial of Cannabidiol (CBD) in 88 patients with schizophrenia who had previously failed to respond adequately to first line anti-psychotic medications achieved positive top line results.
Nadeau noted, “We are encouraged that CBD’s activity in schizophrenia is supported by pre-clinical data in animal models, as well as by a recent study published in The Journal of Clinical Investigations (2012) which suggested CBD may be useful as either monotherapy or in combination with first line anti-psychotic agents. GW Pharma has indicated that it intends to pursue CBD’s future development in pediatric orphan neuropsychiatric indications.”
The analyst concluded, “We remain optimistic for the successful development of Epidiolex in refractory epilepsies and remain at Outperform.”
Nadeau reiterated an Outperform rating on GW Pharma shares, with a price target of $135, which implies an upside of 20% from current levels.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Phil Nadeau has a total average return of 29.9% and a 72.4% success rate. Nadeau has a 45.0% average return when recommending GWPH, and is ranked #58 out of 3765 analysts.
As of this writing, all the 3 analysts polled by TipRanks rate GW Pharmaceuticals stock a Buy. With a return potential of 25%, the stock’s consensus target price stands at $141.