Company Update (NASDAQ:GWPH): GW Pharmaceuticals PLC- ADR Announces Full Exercise of Underwriters’ Option to Purchase Additional American Depositary Shares
GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, announces that the underwriters of its recently closed public offering on the NASDAQ Global Market have exercised in full their option to purchase an additional 240,000 American Depositary Shares (“ADSs”) at a price to the public of $112.00 per ADS, raising additional net proceeds of approximately $25.3 million, after deducting underwriting discounts and commissions and estimated offering expenses. GW expects to deliver the additional 240,000 ADSs on or about May 20, 2015, subject to customary closing conditions.
Morgan Stanley, BofA Merrill Lynch and Cowen and Company acted as joint book-running managers for the offering. Piper Jaffray & Co. acted as lead manager. (Original Source)
Shares of GW Pharmaceuticals opened today at $111.29 and are currently trading up at $111.73. GWPH has a 1-year high of $126.78 and a 1-year low of $58.16. The stock’s 50-day moving average is $104.50 and its 200-day moving average is $84.19.
On the ratings front, GW Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on April 22, Piper Jaffray analyst Joshua Schimmer reiterated a Buy rating on GWPH, with a price target of $147, which implies an upside of 32.1% from current levels. Separately, on April 14, Leerink Swann’s Joseph Schwartz reiterated a Buy rating on the stock and has a price target of $120.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joshua Schimmer and Joseph Schwartz have a total average return of 13.5% and 30.0% respectively. Schimmer has a success rate of 64.5% and is ranked #220 out of 3602 analysts, while Schwartz has a success rate of 67.6% and is ranked #55.
GW Pharmaceuticals PLC is engaged in the research, development and commercialisation of cannabinoid prescription medicines to meet patient needs.