GW Pharmaceuticals (NASDAQ: GWPH) saw its share price spike on Wednesday after reporting its marijuana-derived epilepsy drug more than doubled in sales. This comes via its
Q2 2019 earnings report released this week, which led to two stock analysts to boost their price targets for the company.
GWPH stock leaped more than 12% ($18.59 USD) to $171.01 in premarket trading. The shares were up 6.65%, or $10.13, at $162.46 in early trading, peaking as high as $167.
Clocking in at $68.4 million, far above analyst estimates of $40.9 million, sales of its cannabis-derived epilepsy drug Epidiolex more than doubled from the previous quarter. Revenue for the quarter ended June 30th, 2019 was $72.0 million compared to $3.3 million for the quarter ended June 30th, 2018. Analysts at
Stifel Nicolaus and Oppenheimer and others have raised their stock price targets on GW Pharma.
More than 12,000 patients have received Epidiolex prescriptions since launch and more than 2,500 physicians have generated dispensed prescriptions in that time.
One of Epifiolex’s key ingredients is cannabidiol, a compound in cannabis plants that is being used to treat specific types of epilepsy.