GW Pharmaceuticals (NASDAQ:GWPH) is a mover and shaker out on the Street today, with investors sparking the stock on an almost 11% upturn.
Why the excitement? An advisory panel for the FDA will review the company’s epilepsy drug, Epidiolex, at a half-day meeting Thursday morning. Today, the FDA staff posted briefing documents that will be used by the experts on the panel as the basis for discussion. Overall, the documents don’t look as bad as investors who are bearish on the stock expected.
Is it time to pounce on GWPH shares? A positive vote and an approval are still no sure thing, but Cantor analyst Elemer Piros is out with a bullish note:
In our view, the documents held no surprises and offered the committee one standard voting question regarding Epidiolex’s “benefit-risk profile for the treatment of seizures in LGS and Dravet patients 2 years and older.” Based on Epidiolex’s comprehensive and robust clinical package, we anticipate a positive recommendation from the committee meeting.
As such Piros reiterates an Overweight rating on GWPH shares with price target of $192, which implies a potential upside of 42% from current levels.
Wall Street’s confidence backing this cannabis-based drug maker is strong, with TipRanks analytics showcasing GWPH as a Strong Buy. Based on 6 analysts polled in the last 12 months, all 6 rate a Buy on GW Pharmaceuticals stock. The 12-month average price target stands at $162.83, marking a nearly 22% upside from where the stock is currently trading.
GW is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. GW, along with its U.S. subsidiary Greenwich Biosciences, is advancing an orphan drug program in the field of childhood-onset epilepsy with a focus on Epidiolex (cannabidiol), for which GW has submitted regulatory applications in the U.S. and Europe for the adjunctive treatment of Lennox-Gastaut syndrome and Dravet syndrome.