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Nov. 3, 2020, 7:30 a.m. EST

GW Pharmaceuticals stock set to rally after Phase 3 trial of MS treatment to start, after COVID-19-related delay

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By Tomi Kilgore

Shares of GW Pharmaceuticals PLC /zigman2/quotes/209686240/composite GWPH -0.10% were indicated up more than 6% in premarket trading Tuesday, after the biopharmaceutical company developing therapeutics from its cannabinoid product platform said it initiated a Phase 3 trial of nabiximols, for multiple scelrosis-associated spasticity. The initiation of the trial had been delayed because of the COVID-19 pandemic. "Given the rigorous studies already conducted on the medicine outside of the U.S., and positive discussions with the FDA, we believe that we have a clear path to an NDA submission, potentially as soon as next year, and a significant second product opportunity for GW in the U.S.," said Chief Executive Justin Gover. GW's lead product, Epidolex, has been approved for the treatment of seizures asscoidated with Lennox-Gastaut syndrome, Dravet syndrome or tuberous sclerosis complex. The stock has dropped 14.6% year to date through Monday, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -0.27% has shed 25.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.54% has gained 2.5%.

/zigman2/quotes/209686240/composite
US : U.S.: Nasdaq
$ 214.72
-0.22 -0.10%
Volume: 1.09M
March 8, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.74 billion
Rev. per Employee
$457,628
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/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 18.37
-0.05 -0.27%
Volume: 189,879
March 8, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,821.35
-20.59 -0.54%
Volume: 2.99B
March 8, 2021 5:05p
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