New York, October 7th (Financialbuzz.com)
Shares of GW Pharmaceuticals plc (NASDAQ: GWPH), a United Kingdom-based company that is engaged in the research, development and commercialization of cannabinoid prescription medicines, climbed today when it was announced that the new price target for their stock nearly tripled in amount.
What caused the surge? GWPH’s CDB, a drug originating from the cannabis plant, showed that it had significant effect on patients suffering from epilepsy. Lazard Capital analyst, Joshua Schimmer, wrote to investors today stating that there is evidence that CBD has an “anti-seizure effect” and that the current medical market has an “enormous unmet need” for that sector. Schimmer bumped his price target for GWPH from $22 to $65.
GWPH is currently trading upwards of $33.89, an increase of over 37 percent, approaching the end of trading today.