Cannabinoid drug developer GW Pharmaceuticals PLC- ADR GWPH is ending an eventful 2016 on a high note. Shares were surging higher by 6.6 percent on Monday following new drug data out over the weekend and a strong fiscal Q4 earnings report out Monday.
Over the weekend, the company reported additional Phase III data on Epidiolex in Lennox-Gastaut (LGS) and Dravet syndromes at the American Epilepsy Society (AET) meeting.
According to Cantor Fitzgerald analyst Elemer Piros, “both studies achieved robust reductions of their primary endpoint in drop seizures and convulsive seizures, respectively.”
GW reported an earnings loss of $21.8 million, or -$0.89 per share on Monday, topping analyst expectations of -$1.48.
According to Alan Brochstein, founding partner at New Cannabis Ventures and founder at 420 Investor, it’s all about the data for GW Pharma.
“Despite a pushout during the year on the timeline to filing the Epidiolex New Drug Application, the robust nature of the data in terms of safety and efficacy from the three Phase 3 clinical trials has given investors confidence in the ultimate approval and potential success of the drug, allowing GWPH to perform well in a tough environment for biotech stocks,” Brochstein told Benzinga.
Following Monday’s move, GW Pharma's stock is now up 73.0 percent in a relatively weak year for biotech stocks.
Shares of the iShares NASDAQ Biotechnology Index (ETF) IBB are down 19.0 percent in 2016.
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