Takeover speculation around GW Pharmaceuticals PLC- ADR GWPH once again sent shares higher on Thursday.
Back in September, Reuters reported the company had hired Morgan Stanley as an advisor to assist it in handling potential buyers.
At the time, Alan Brochstein, a founding partner at New Cannabis Ventures and the 420 Investor, told Benzinga that, taking into account that the company had not shared full data from two ongoing Phase 3 clinical trials yet, the rumor seemed “a bit premature.”
"I would expect potential acquisition interest to increase after the company files its NDA for Epidiolex in 4-10 months," he added.
The following day, shares tumbled after a company spokesperson said Morgan Stanley had been advising GW Pharmaceuticals for years.
A few weeks later, shares spiked again after the company announced it had achieved its Phase 3 primary endpoint for Epidiolex in Lennox-Gastaut Syndrome, and continued to surge on positive analyst reactions.
On Thursday, the stock gained 3 percent on renewed takeover rumors. A company spokesperson told Benzinga they had “no comment” on the issue.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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