Stock Update (NASDAQ:GWPH): GW Pharmaceuticals PLC- ADR Announces Pricing of U.S. Public Offering of ADSs Raising $179.2 Million
GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, announced the pricing of an underwritten public offering by the Company. GW will issue 1,600,000 American Depositary Shares (“ADSs”), representing 19,200,000 ordinary shares of GW, at a price to the public of $112.00 per ADS on the NASDAQ Global Market, raising gross proceeds of approximately $179.2 million (before deducting underwriting discount, commissions and offering expenses). GW has granted the underwriters a 30-day option to purchase up to an additional 240,000 ADSs at the public offering price less the underwriting discount. Closing of the offering is expected to occur on May 5, 2015. (Original Source)
Shares of GW Pharmaceuticals closed today at $112.26, down $2.97 or 2.58%. GWPH has a 1-year high of $122.82 and a 1-year low of $58.16. The stock’s 50-day moving average is $98.00 and its 200-day moving average is $80.69.
On the ratings front, GW 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 represents a potential upside of 28.9% from where the stock is currently trading. 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 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.