The investment bank Leerink Partners has initiated coverage of GW Pharmaceuticals PLC (NASDAQ:GWPH), with an Outperform rating and a $185 price target, according to a report in the business news site TheFly.com.
Leerink analyst Marc Goodman thinks the company’s lead product Epidolex, a cannabidiol oral medication for the treatment of seizures, which takes aim at Dravet syndrome and Lennox Gastaut syndrome, should be a blockbuster drug with sales of about $1.8 billion in 2026.
READ: Morgan Stanley raises GW Pharmaceuticals price target to $240 on cannabis epilepsy drug Epidiolex
GW Pharma’s second product Sativex which treats multiple sclerosis spasticity, receives minimal attention, but could grab global sales of about $340 million in 2030, according to Goodman.
In addition, GW Pharma’s cannabinoid science platform and “proprietary know-how” in this area should allow it to develop additional products to sustain growth, Goodman argued.
GW Pharma American Depositary shares slipped slightly to hit $131.99 in Wednesday’s trading session.
Contact Ellen Kelleher at ellen@proactiveinvestors.com