Investor Alert

New York Markets Open in:

Market Pulse Archives

July 15, 2020, 8:23 a.m. EDT

GW Pharmaceuticals stock slips after Stifel analyst backs off long-standing bullish view

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    GW Pharmaceuticals PLC ADR (GWPH)
  • X
    Cannabis ETF (THCX)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of GW Pharmaceuticals PLC /zigman2/quotes/209686240/composite GWPH +1.19% fell 0.4% in premarket trading, after Stifel Nicolaus analyst Paul Matteis downgraded the maker of the cannabis-derived epilepsy drug Epidiolex, citing disappointing physician feedback regarding "off-label" use of the drug. Matteis cut his rating to hold after being at buy for at least the past two years, and cut his stock price target to $140 from $150. Matteis stressed that the downgrade wasn't a call on GW's second quarter results, which are expected in early August, as he thinks the company will beat expectations as the impact of COVID-19 doesn't seem as bad as projected. "Instead, what's led to a change in our view is conservative physician expectations for Epidiolex use in 'off-label' refractory epilepsy, whereas we believe substantial uptake here is: 1) key to the bull case; and 2) necessary to meet or beat 2021-2025 consensus sales projections," Matteis wrote in a note to clients. The stock has run up 40.3% over the past three months through Tuesday, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -3.29% has climbed 22.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.36% has advanced 14.9%.

US : U.S.: Nasdaq
$ 143.39
+1.69 +1.19%
Volume: 285,532
Jan. 25, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$4.42 billion
Rev. per Employee
US : U.S.: NYSE Arca
$ 16.75
-0.57 -3.29%
Volume: 249,897
Jan. 25, 2021 8:00p
+13.89 +0.36%
Volume: 2.79B
Jan. 25, 2021 5:15p

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.