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Leerink Partners starts coverage of GW Pharmaceuticals with Outperform rating and $185 price target

Published: 02:18 15 Nov 2018 AEDT

brain undergoing a seizure
GW Pharma's second product Sativex for multiple sclerosis could see global sales of $340m in 2030

The investment bank Leerink Partners has initiated coverage of GW Pharmaceuticals PLC (NASDAQ:GWPH), with an Outperform rating and a $185 price target, according to a report in the business news site TheFly.com.

Leerink analyst Marc Goodman thinks the company’s lead product Epidolex, a cannabidiol oral medication for the treatment of seizures, which takes aim at Dravet syndrome and Lennox Gastaut syndrome, should be a blockbuster drug with sales of about $1.8 billion in 2026.

READ: Morgan Stanley raises GW Pharmaceuticals price target to $240 on cannabis epilepsy drug Epidiolex

GW Pharma’s second product Sativex which treats multiple sclerosis spasticity, receives minimal attention, but could grab global sales of about $340 million in 2030, according to Goodman.

In addition, GW Pharma’s cannabinoid science platform and “proprietary know-how” in this area should allow it to develop additional products to sustain growth, Goodman argued.

GW Pharma American Depositary shares slipped slightly to hit $131.99 in Wednesday’s trading session.

 

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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