Piper Jaffray Reiterates Overweight On GW Pharmaceuticals PLC- ADR (GWPH) Following Phase 3 Success In LGS
GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) shares are up 11.5%, after the drug maker announced positive results from its phase 3 trial of Epidiolex in the treatment of rare childhood epilepsy, Lennox-Gastaut Syndrome (LGS)
In reaction, Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating on the stock, with a price target of $147, which implies an upside of 60% from current levels.
Schimmer wrote, “This morning, GWPH released top-line data from the Phase 3 trial of Epidiolex in LennoxGastaut Syndrome (LGS), demonstrating a robust median seizure reduction of 44% vs. 22% for placebo with an acceptable and well-tolerated safety profile. This represents another important success and strengthens Epidiolex’s profile across refractory epilepsy, which now includes P3 wins in both LGS and Dravet Syndrome (DS), positioning the company for regulatory approval (pending additional P3 readouts) and substantially derisking the story.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joshua Schimmer has a yearly average return of -17.2% and a 25% success rate. Schimmer has a 1.4% average return when recommending GWPH, and is ranked #3882 out of 3980 analysts.
All the 6 analysts polled by TipRanks rate GW Pharmaceuticals plc stock a Buy. With a return potential of 62.4%, the stock’s consensus target price stands at $149.33.