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GWPH

GW Pharmaceuticals

$133.10

-0.35 (-0.26%)

10:53
10/07/16
10/07
10:53
10/07/16
10:53

Goldman says marijuana-derived drug maker GW Pharma 'set to fly high'

In a note to investors this morning, Goldman Sachs analyst Salveen Richter initiated GW Pharmaceuticals (GWPH) with a Buy rating, as he expects a "solid" launch trajectory for the company's lead asset Epidiolex. Earlier this week, his peer at Leerink resumed coverage of the stock with a Buy-equivalent rating, citing also the potential uptake trajectory of its investigational drug. BACKGROUND: GW Pharmaceuticals is a pre-commercial-stage biopharmaceutical company focused on cannabis-based therapies in central nervous system disorders. Its lead asset is Epidiolex for Dravet Syndrome and Lennox-Gastaut Syndrome, two severe orphan epilepsies. 'SOLID' LAUNCH, UPCOMING CATALYSTS: Goldman Sachs' Richter initiated coverage of GW Pharmaceuticals with a Buy rating, saying it is "set to fly high." The analyst told investors that he expects a "solid" launch trajectory for the company's lead asset Epidiolex, and is modeling $1.6B in world-wide sales. Further, Richter sees GW Pharmaceuticals' shares trading higher on upcoming pipeline catalysts, including the publication of Epidiolex Phase 3 study data in Dravet syndrome in a top-tier medical journal in the fourth quarter, the American Epilepsy Society meeting, and the initiation of an Epidiolex Phase 3 study in infantile spasms in the fourth quarter, among a number of other events. GW Pharmaceuticals should submit the U.S. regulatory filing for Epidiolex in Dravet Syndrome and Lennox-Gastaut Syndrome in the first half of 2017, he noted, adding that he expects U.S. and EU launches in the second or third quarter of 2018. The analyst has a $189 price target on the shares. UPTAKE DRUG TRAJECTORY: On Tuesday, Leerink analyst Paul Matteis resumed coverage of GW Pharmaceuticals with an Outperform rating and $162 price target, saying he is "highly positive" on the potential uptake trajectory of Epidiolex, now that its approval appears mostly de-risked after three successful Phase 3 trials in Dravet Syndrome and Lennox Gastaut. Moreover, the analyst sees multiple points of optimism regarding a GW Pharmaceuticals-led global launch, including strong clinical profile and "hype" surrounding Epidiolex, significant level of unmet medical need in Dravet Syndrome and Lennox Gastaut and refractory seizures, a small subset of core prescribers, and the experience of CCO Julian Gangoli. PRICE ACTION: In morning trading, shares of GW Pharmaceuticals have slipped about 1% to $131.90.

GWPH GW Pharmaceuticals
$133.10

-0.35 (-0.26%)

10/04/16
LEER
10/04/16
INITIATION
Target $162
LEER
Outperform
GW Pharmaceuticals reinstated with an Outperform at Leerink
Leerink analyst Paul Matteis resumed coverage of GW Pharmaceuticals with an Outperform rating and $162 price target.
10/07/16
GSCO
10/07/16
INITIATION
Target $189
GSCO
Buy
GW Pharmaceuticals initiated with a Buy at Goldman
Goldman analyst Salveen Richter initiated GW Pharmaceuticals with a Buy saying he expects a solid launch trajectory for lead assets Epidiolex for Dravet Syndrome and Lennox-Gastaut Syndrome, two severe orphan epilepsies, and is modeling $1.6B in world-wide sales. Richter has a $189 price target on shares based on a blend of discounted cash flow for $161 per shares and M&A value of $349 per share.
10/07/16
GSCO
10/07/16
NO CHANGE
GSCO
Smid-cap Biotech sector upgraded to Attractive from Neutral at Goldman
Goldman analyst Salveen Richter upgraded the Smid-cap biotechnology to Attractive and said he favors and companies with near-term pipeline data or regulatory events where he has conviction.Names he recommends are Buy rated BioMarin (BMRN), bluebird bio (BLUE), GW Pharma (GWPH), Incyte (INCY), Kite (KITE), and Sage (SAGE).
10/07/16
10/07/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Zillow (ZG, Z) initiated with a Buy at Needham. 2. AMD (AMD) initiated with an Equal Weight at Barclays. 3. Aflac (AFL) was initiated with an Underperform at Credit Suisse while the firm also initiated Prudential (PRU) and Assurant (AIZ) with a Neutral. 4. Fifth Third (FITB) initiated with a Neutral at Wedbush. 5. GW Pharmaceuticals (GWPH) initiated with a Buy at Goldman. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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