Piper Sees "Meaningful Utility" from GW Phamaceuticals CBD, Reiterates Overweight Rating

In a report published Friday, Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating on GW Pharmaceuticals plc GWPH and raised the price target from $77.00 to $97.00. Schimmer mentioned new checks with specialists who were convinced that CBD has “meaningful utility” for seizure patients. The analyst commented that CBD and THC have been reported to benefit individuals with migraine headaches and autism. The analyst wrote that after reviewing Dravet studies, the “finding is consistent with what we have heard from specialists, suggesting the Epidiolex Phase III studies may be overpowered, and thereby substantially improving the probability that the 'views from the field' represent a true drug effect.” GW Pharmaceuticals closed at $57.71 on Thursday. Shares have traded as high as $64.73, up 12.16% on Friday. This has been the biggest intraday gain since January 9.