Canaccord Genuity Initiates Coverage on GW Pharmaceuticals (NASDAQ:GWPH) (AIM:GWP) with a Buy Recommendation - Video Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, June 5, 2013 - Investment firm Canaccord Genuity
has initiated coverage on GW Pharmaceuticals (NASDAQ:GWPH) (AIM:GWP). Analyst
Ritu Baral gives the company a buy rating and one-year price target of US$13.00
a 46% premium to the $8.88 price the day the report was issued.
InvestmentPitch.com has produced a "video news alert" about GW Pharmacuticalsl
based on this research report. If this link is not enabled, please visit
www.InvestmentPitch.com and enter "GW" in the search box.
The company recently completed an IPO for 3.5 million American Depository Shares
at US$8.90 on the NASDAQ, raising total net proceeds before expenses of US$30.4
million.
GW Pharmaceuticals is focused on discovering, developing and commercializing
novel therapeutics from its proprietary cannabinoid product platform in a broad
range of disease areas.
The company commercialized the world's first plant-derived cannabinoid
prescription drug, Sativex®, which is approved for the treatment of spasticity
due to multiple sclerosis in 21 countries outside the United States. It is also
evaluating Sativex in a Phase 3 program for the treatment of cancer pain, and
anticipates that top-line results from two Phase 3 trials will be available in
2014.
The company has a deep pipeline of additional cannabinoid product candidates,
including two distinct compounds in Phase 2 clinical development for Type 2
diabetes and ulcerative colitis, and two additional programs expected to advance
into Phase 1 and Phase 2 clinical trials in the next 12 months.
Justin Gover, GW's Chief Executive stated, " With Sativex® advancing through
Phase 3 trials in the U.S. for cancer pain, commercialization continuing in
Europe and other parts of the world, four new clinical trials commencing in a
highly promising cannabinoid product pipeline, and a strong balance sheet, we
are very excited about the next phase in our company's evolution."
Analyst Ritu Baral stated, "We believe that Sativex will be able to secure
regulatory approval for chronic pain in the U.S. and European Union, and will
successfully negotiate the DEA scheduling process and will also be able to
achieve excellent peak sales of $2 billion annually in the U.S. for chronic
cancer pain."
The shares are currently trading at US$8.90, and with 15 million shares
outstanding, the company is capitalized at US$133.5 million. As we stated, this
US$8.90 price is well below Canaccord Genuity's target price of US$13.00.
For more information, please visit the company's website www.GWpharm.com or
contact Stephen Schultz, VP Investor Relations at 401-500-6570 or email
sschultz(at)GWpharm.com.
For more information about Canaccord Genuity or to obtain a copy of their
research report, contact your nearest Canaccord Genuity office. Their branches
are listed on their website at www.canaccord.com
About InvestmentPitch
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multiple platforms to investors and financial professionals, specializes in
producing three minute videos based on news releases and research reports.
CONTACT:
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Source: InvestmentPitch via Thomson Reuters ONE
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Unternehmensinformation / Kurzprofil:
Datum: 06.06.2013 - 01:35 Uhr
Sprache: Deutsch
News-ID 267058
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