Company Update (NASDAQ:GWPH): GW Pharmaceuticals Announces Proposed Public Offering of ADSs
GW Pharmaceuticals plc (NASDAQ:GWPH), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, announced today that it intends to sell, subject to market and other conditions, 1,250,000 million American Depositary Shares (“ADSs”) representing ordinary shares of GW on the NASDAQ Global Market in an underwritten U.S. public offering. GW will grant the underwriters a 30-day option to purchase up to an additional 187,500 ADSs at the offering price. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The price for the offering has not yet been determined. (Original Source)
Shares of GW Pharmaceuticals closed today at $$115.04, down $5.96 or 4.92%. 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 $97.02 and its 200-day moving average is $80.16.
On the ratings front, GWPH 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 the stock, with a price target of $147, which implies an upside of 19.3% from current levels. Separately, on April 14, Leerink Swann’s Joseph Schwartz reiterated a Buy rating on GWPH 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 17.3% and 33.1% respectively. Schimmer has a success rate of 66.0% and is ranked #160 out of 3581 analysts, while Schwartz has a success rate of 67.1% and is ranked #46.
GW Pharmaceuticals PLC is engaged in the research, development and commercialisation of cannabinoid prescription medicines to meet patient needs.