GW Pharmaceuticals (GWPH) saw upward price action of 2.3% last month even as the broader markets and the cannabis space saw a selling spree amid the escalation in the US-China trade war. The stock has gained 80% year-to-date, outperforming cannabis ETFs.
GW Pharmaceuticals has received “strong buy” ratings from four analysts, while eight have given it “buys” or equivalent ratings. The remaining analyst polled by Thomson Reuters on June 3 has given GW Pharmaceuticals a “hold” rating. The stock’s mean consensus price target of $223.58 represents a potential upside of 27.3% over its June 3 closing price.
GW Pharmaceuticals carried a consensus price target of $190.08 at the beginning of May. It reported its first-quarter earnings results last month and posted a 13-fold year-over-year rise in revenue. The company’s net loss narrowed from $69 million in the first quarter of 2018 to $50 million in the first quarter of 2019. After GW Pharmaceuticals’ first-quarter earnings release, several brokerages raised the stock’s price target. JPMorgan Chase raised its price target from $180 to $215, while Morgan Stanley raised it from $227 to $234.
Guggenheim raised GW Pharmaceuticals’ price target from $186 to $222, and Stifel raised its price target by $38 to $227. Oppenheimer upgraded GW Pharmaceuticals to an “overweight” rating with a $234 price target. Cantor Fitzgerald raised GW Pharmaceuticals’ price target from $196 to $229.
GW Pharmaceuticals is primarily engaged in the development of cannabis-based prescription medicines. Liquid cannabidiol is the leading product in the company’s portfolio.