GW Pharmaceuticals PLC- ADR (GWPH) Remains Top Mid-Cap Pick: Piper Jaffray

Piper Jaffray analyst Joshua Schimmer provides a 2H16 outlook on GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH). Exiting second-quarter earnings season, GWPH remains one of Schimmer’s top mid-cap picks. In light of positive expectations after finding 2016 a “noteworthy success for the company,” Schimmer reiterates an Overweight rating with a $147 price target, which represents a nearly 79% increase from where the shares last closed.

Investor focus has begun to shift to commercial outlook for Epidiolex, a promising cannabis-based drug for epilepsy that passed its first Phase 3 clinical trial back in March. In Schimmer’s eyes, GWPH has potential to expand its cannabidiol horizons, and many have found the pipeline drug to be a “novel seizure drug.” However, doubt enters as to whether Epidiolex can reach over $1 billion in global revenue, with Schimmer left shaking his head at the naysayers in the room.

Schimmer notes, “Ever since the first anecdotal report

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