GW Pharma Rapidly Approaching CNS Launch; Leerink Starts Coverage With $162 Target

Leerink resumed coverage on GW Pharmaceuticals PLC GWPH in anticipation of FDA approval for Epidiolex. Analyst Paul Matteis expressed an Outperform Rating, and set the firm’s price target at $162.

Matteis primarily cited the FDA’s pending approval of Epidiolex, and the firm’s confidence in the drug as the reason for his bullish resumption of coverage.

Related Link: Exclusive: GW Pharmaceuticals Talks Epidiolex, Raising Capital & Growing Its Sales Force

The analyst stated a 90 percent probability for FDA approval following three positive Phase III trials.

Looking forward, Matteis is also optimistic concerning a global launch for Epidiolex, which is currently being administered to more than 1,000 children affected by Dravet Syndrome, Lennox Gastaut Syndrome and refractory seizures.

The stock traded recently at $132.80 after opening at $134.81.