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March 10, 2014
13:20 EDTGWPHGW jumps ahead of CNN documentary on medical marijuana
Shares of GW Pharmaceuticals (GWPH) are climbing after research firm Piper Jaffray predicted that the stock could be boosted by a CNN documentary on medicinal marijuana expected to air tomorrow night. GW Pharmaceuticals is developing a number of drugs based on cannabinoids, one of the components of marijuana. WHAT'S NEW: After viewing a preview of the CNN documentary, Piper analyst Dr. Joshua Schimmer wrote that the show is likely to include statements from GW Pharmaceuticals and visits to the company. As a result, GW should become more closely associated with medical marijuana, and the stock could rise, Schimmer forecast. Moreover, the documentary will reinforce the effectiveness of using cannabinoids to treat epilepsy, according to the analyst, who noted that GW has created a cannabinoid based drug for the treatment of seizures. The documentary will emphasize the role of drugs derived from cannabinoids in treating other indications, including pain and multiple sclerosis spasticity, according to the analyst. GW is exploring using cannabinoids to treat both of those indications, and the documentary could remind investors that the company can expand beyond its epilepsy treatment, Schimmer contended. Moreover, the documentary could result in the FDA speeding up the approval process for GW's epilepsy drug, according to Schimmer, who reiterated a $97 price target and Overweight rating on GW. PRICE ACTION: In mid-afternoon trading, GW jumped $3.64, or 5%, to $76.05.
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