Stock Update (NASDAQ:GWPH): GW Pharmaceuticals PLC- ADR Receives Orphan Drug Designation from FDA for Cannabidiol for the Treatment of Tuberous Sclerosis Complex
GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, announced that the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation for cannabidiol (CBD) for the treatment of Tuberous Sclerosis Complex (TSC). TSC is a rare genetic disorder, the most common symptom of which is epilepsy. Epilepsy occurs in around 80-90% of TSC patients and is a significant cause of morbidity and mortality. TSC is the third orphan indication that GW is targeting within its Epidiolex® (CBD) clinical development program, which includes four Phase 3 pivotal trials in Dravet syndrome and Lennox-Gastaut syndrome, both rare and catastrophic forms of childhood-onset epilepsy. On April 11, 2016, GW announced it has commenced a Phase 3 clinical trial of Epidiolex® as an adjunctive therapy for the treatment of seizures associated with TSC. (Original Source)
Shares of GW Pharmaceuticals are up nearly 2% in pre-market trading. GWPH has a 1-year high of $133.98 and a 1-year low of $35.83. The stock’s 50-day moving average is $69.45 and its 200-day moving average is $69.29.
On the ratings front, GWPH has been the subject of a number of recent research reports. In a report issued on April 15, Cowen analyst Phil Nadeau maintained a Buy rating on GWPH, with a price target of $135, which represents a potential upside of 56.6% from where the stock is currently trading. Separately, on March 21, Piper Jaffray’s Joshua Schimmer reiterated a Buy rating on the stock and has a price target of $147.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Phil Nadeau and Joshua Schimmer have a total average return of 2.4% and -14.5% respectively. Nadeau has a success rate of 41.3% and is ranked #1222 out of 3827 analysts, while Schimmer has a success rate of 30.8% and is ranked #3822.
The street is mostly Bullish on GWPH stock. Out of 6 analysts who cover the stock, 6 suggest a Buy rating . The 12-month average price target assigned to the stock is $162.00, which implies an upside of 87.9% from current levels.