GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) said Phase 3 trials for its Sativex product failed to meet its primary endpoint in patients with advanced cancer who experience inadequate analgesia with chronic opioid therapy.
The drug, being developed in conjunction with Otsuka Pharmaceutical Development & Commercialization, did not meet the primary endpoint of demonstrating a statistically significant difference from placebo in the first of three planned trials.
“Although we missed the primary endpoint in this trial, based upon the positive data seen in the Phase 2 program, we remain confident in the ability for Sativex to relieve cancer pain in this patient population,” said Justin Gover, GW’s Chief Executive Officer. “We have two additional pivotal Phase 3 trials ongoing which, if positive, would still allow us to submit a New Drug Application with the US FDA.”
GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) expects results from its two additional studies later this year.
Of the 2 analysts offering recommendations on GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH), the consensus rating is a Strong Buy. 2 analysts rate the stock as a Buy. The one year price target on a consensus basis is $110.00, or around a 63.47% upside to a recently traded price. The most bullish analyst has their estimate at $110.00, which the most bearish sees the stock going to $110.00.
Several top rated analysts according to TipRanks.com which cover the stock include Joshua Schimmer of Piper Jaffray and Ritu Baral of Cowen & Co. Baral has a Buy rating on the stock with a price target of $102.00. Schimmer has a Buy rating.
Some similar stocks include Bayer Insys Therapeutics. Analysts have a consensus Strong Buy rating on Bayer and a consensus Hold rating on Insys Therapeutics.
GWPH is trading up over 9% in mid-afternoon trade to $78.00.
GW Pharmaceuticals PLC- ADR(NASDAQ:GWPH) is a United Kingdom-based company. The Company is engaged in the research, development and commercialization of a range of cannabinoid prescription medicines to meet patient needs in a range of medical conditions. The Company is developing a portfolio of cannabinoid medicines, of which the main product is Sativex, an oromucosal spray for the treatment of Multiple Sclerosis (MS) symptoms, cancer pain and neuropathic pain. The Company operates in three segments: Sativex Commercial, Sativex Research and Development and Pipeline Research and Development. The Company’s wholly owned subsidiaries include GW Pharma Limited, G-Pharm Limited, Cannabinoid Research Institute Limited, Guernsey Pharmaceuticals Limited and GWP Trustee Company Limited.