GWPH stock is trading in the green this morning after GW Pharmaceuticals (NASDAQ:GWPH) filed a supplemental marketing application in the US seeking approval for Epidiolex.
Key Trigger
The medical cannabis space has grown at a remarkable pace over the past year, and one of the best-known names in that space is GW Pharmaceuticals. The company is well-known for having produced the product Epidiolex, and today, GW announced that it has submitted a supplemental New Drug Application for Epidiolex as a treatment for seizures that are related to Tuberous Sclerosis Complex (TSC). At this point in time, Epidiolex is permitted to be used to treat seizures that are associated with Lennox-Gastaut syndrome (LGS).
The Chief Executive Officer of the company, Justin Gover, said of the developments: "The submission of this sNDA for Epidiolex is an important step towards the prospect of offering a new treatment option for those patients with TSC who battle difficult-to-treat seizures."
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At the time of writing, GWPH stock is trading higher by 1.50% at $117.25. It goes without saying that investors should keep an eye on the stock for the rest of the week.
Earnings Topped Analysts Estimate
Earlier on in January, GW Pharmaceuticals released its financial results for the fourth quarter, which saw GW’s revenue beat market expectations. GW’s revenue for the quarter stood at $108 million, out of which as much as $104 million was generated by its CBD medicine Epidiolex.
Analysts had projected revenue of $102.4 million for the quarter, and the company managed to beat those estimates comfortably. For the full year of 2019, GW Pharmaceuticals generated revenue of $309 million, and Epidiolex sales made up as much as $296 million of that. It is a significant jump in revenue growth for the company, having generated a mere $13 million in revenue in 2018. This is a stock that could turn around in 2020, and investors might consider adding to their watch lists.
Over the past three months, GWPH stock has lost as much as 15.6%.
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