GW Pharmaceuticals plc (NASDAQ :GWPH)
GW Pharmaceuticals plc (GWPH), a biopharmaceutical company yesterday announced results from its Phase 3 study of Epidiolex. Epidiolex is used for the treatment of children with Dravet syndrome.
The positive results were published in The New England Journal of Medicine. The study showed significantly reduced convulsive seizures in children on multiple anti -epileptic drugs. This is big news as their are currently no U.S. FDA approved treatments for Dravet Syndrome.
GW Pharmaceuticals Company’s Comments
“The publication of results from this landmark study by The New England Journal of Medicine and the accompanying editorial commentary highlight the potential of Epidiolex to address the significant unmet need in Dravet syndrome,” said Justin Gover, GW’s Chief Executive Officer. “We remain committed to these patients and their families, and are determined to make this important new medicine available to them as quickly as possible.” Globe Newswire
GWPH Technical Analysis
GWPH opened trading yesterday at $108.19 which was up from the previous day’s trading close of $107.80. GWPH closed trading yesterday at $106.31 and spiked up after market to $111.00, equivalent to a 4% increase from the closing price. Taking a look at the daily chart we can see the last time GWPH traded above these levels we have to go back to May 5th when it traded at $113.04.
Taking a closer look at the daily chart we can see that before the spike up GWPH had been in an overall downward trend dating back to February 15th when it traded at $132.51. GWPH has a float of 21.83 million shares and traded below the normal daily trading volume on Wednesday.
For trading purposes, I would like to see GWPH open trading on Thursday above $109.50 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.30 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
GW Pharmaceuticals plc, a biopharmaceutical company, engages in discovering, developing, and commercializing cannabinoid prescription medicines using botanical extracts derived from the Cannabis plant. It operates through three segments: Commercial, Sativex Research and Development, and Pipeline Research and Development.
The company markets Sativex, an oromucosal spray for the treatment of spasticity due to multiple sclerosis. It is also developing Sativex in Phase II trials in neuropathic pain. In addition, the companys product pipeline includes Epidiolex, which is in Phase III clinical development for the treatment of dravet syndrome, lennox-gastaut syndrome, tuberous sclerosis complex, and infantile spasms, as well as other product candidates in Phase I and II clinical development for the treatment of glioma, adult epilepsy, and schizophrenia.
It primarily operates Europe, the United States, Canada, and Asia. GW Pharmaceuticals plc was founded in 1998 and is based in Cambridge, the United Kingdom. Yahoo Finance