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Fly News Breaks for April 9, 2019
GWPH, ZGNX
Apr 9, 2019 | 07:48 EDT
Morgan Stanley analyst David Lebowitz said he expects shares of GW Pharmaceuticals (GWPH) to be up at least 5-10% on the open following news that Zogenix (ZGNX) was issued a Refusal to File letter for Fintepla by the FDA. The RTF delays a potential competing product for Epidiolex for the treatment of seizures associated with Dravet Syndrome, Lebowitz explained. While he lacks visibility, Lebowitz said he would expect a delay of 3-6 months on the short end if Zogenix can use historic toxicity data and a delay of up to 15 months if the FDA requires new toxicity studies. Lebowitz keeps an Overweight rating on GW Pharmaceuticals shares, which are up 4% to $174.85 in pre-market trading.
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