Stock Update (NASDAQ:GWPH): GW Pharmaceuticals PLC- ADR Announces the Closing of U.S. Public Offering
GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, announced today the closing of the previously announced offering on the NASDAQ Global Market by GW of 1,600,000 American Depositary Shares (ADSs) at a price of $112.00 per ADS, 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. (Original Source)
Shares of GW Pharmaceuticals closed today at $107.9, down $2.30 or 2.09%. 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 $100.89 and its 200-day moving average is $82.03.
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 GWPH, with a price target of $147, which implies an upside of 30% 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 12.3% and 29.7% respectively. Schimmer has a success rate of 60.8% and is ranked #305 out of 3589 analysts, while Schwartz has a success rate of 64.3% and is ranked #66.
GW Pharmaceuticals PLC is engaged in the research, development and commercialisation of cannabinoid prescription medicines to meet patient needs.