Share Name Share Symbol Market Type Share ISIN Share Description
Gw Pharmaceuticals LSE:GWP London Ordinary Share GB0030544687 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 735.00p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 28.5 -57.1 -18.1 - 2,223.07

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DateSubject
06/12/2016
08:20
Gw Pharmaceuticals Daily Update: Gw Pharmaceuticals is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker GWP. The last closing price for Gw Pharmaceuticals was 735p.
Gw Pharmaceuticals has a 4 week average price of 803.35p and a 12 week average price of 796.82p.
The 1 year high share price is 950p while the 1 year low share price is currently 0p.
There are currently 302,458,090 shares in issue and the average daily traded volume is 2,598,304 shares. The market capitalisation of Gw Pharmaceuticals is £2,223,066,961.50.
02/12/2016
11:29
123prezzie: Wenger. Do you have a crystal ball to forecast a share price rise of 18x by May 2020 or are you using statistics in the same way as the directors? GWP floated in June 2001 at a price around 182p. Share price rise in 15 1/2 years is under 4x and I can find you any number of Biotech which have done better than this. The only way to get near 18x is to choose the all time low of 36p in Sept 2008 and you were a shareholder before then. My own realised gain is 8x from a significant investment built up between 2005 and 2009. I believed and am full of praise for the directors in managing to maintain their belief and raise money despite almost zero revenue from product sales after nearly 20 years since start-up. There is a lot of emotional energy emanating from GWP's supporters. I am not belittling the enormous effort required by the Board to get here, I am just trying to look rationally at matters whilst deciding whether to reinvest. The present upheaval seems to be making others rethink as well.
24/10/2016
19:29
zlotini: The problem with rumoured takeovers, I think, is how much weight, if any, to place on what often turns out to be speculation fuelled by a player seeking an unfair advantage. Today’s AT&T takeover offer for Time Warner is a reminder that takeover noise swirling in the market can be spot on. Can there be smoke without fire? Yes. With regards to GWP, it does seem odd that a few predators are ready to pounce. If GWP were already a takeover target, then it seemingly would make more sense that others would want to strike. I have made a feeble attempt to see if the takeover talk about GWP generated excess trading volumes on Nasdaq. But I find I am totally overwhelmed by the sheer number of shares traded on even normal days without takeover speculation driving the trades. At this stage, I place no premium on the share price because of takeover rumours. That is not to say the market does not. Does anyone know? Any premium that arose because of a takeover offer would be viewed by me as an unexpected huge bonus. I am incapable of placing/working out a realistic fundamental value for GWP shares - I have not done my homework and, anyway, would probably be incapable of doing it. I presently rely on the thread, articles and analysts’ research to provide guidance on the company’s prospects and its share price. It seems to me that GWP shares are still attractively priced even if the market has built a significant takeover premium, which I doubt, into the share price.
24/10/2016
17:43
zlotini: nodding it is interesting to see that the last day GWP shares, December 2, can be traded on Aim is the same day Q1 results were released last year. Management may want to take use the results presentation (likely to around December 2) as an opportunity to extol the virtues of having only a primary Nasdaq listing. Perhaps, this, or some other factor, has motivated/blinded GWP to give too short notice to certain shareholders who want to arrange timeously that their financial affairs remain highly tax efficient once the Aim listing ends. Oddly, the share price has suffered from a bout of pronounced weakness since the announcement that a new share structure will be in place shortly. I agree with Wenger that the sole listing on Nasdaq is not to facilitate an imminent takeover of GWP, although it would have that affect if it were ever taken over. I am not expecting any noise from management on Q1 results day about the rumoured long-line of predators waiting to pounce. If any first contact, or should I say first contacts, has/have been made, they are likely to be weak, given the cone of silence surrounding management. Perhaps, the journalist who alerted the investing world about the burgeoning takeover interest in GWP was confused by the signals emitting from his impeccable sources. There is always the distinct possibility that GWP is talking to various parties about joint venture funding for the development of a particular product. Yet to see confirmation that GWP has specifically appointed a M&A advisor.
05/10/2016
11:58
zlotini: I was about to post this view – written in a word document- and then saw Random’s post. But I decided to post it anyway. Greetings, especially to long-time posters and those I have met personally. I echo FF’s sentiments about the thread. Indeed, thanks to the superb contributions of several posters, I have been able to remain in touch, well-informed, about GWP’s progress and development without doing any research/work myself. It has worked well for me even though I only have a fraction of the holding I once had – given the current share price I can still reasonably happily celebrate the company’s seemingly great success. After becoming deliriously greedy, acknowledgement to nodding, I find I have become somewhat puzzled (deliriously confused most probably) about the recent takeover stuff. This has prompted me to do a little digging which could well be wide of the mark because I have missed what is staring me in the face. I would much appreciate some enlightenment/guidance. I can find no RNS about the supposed M&A reported interest, or for that matter the appointment of Morgan Stanley as an advisor, particularly related to this new development. Personally, I think management is correct to say nothing about rumoured/reported takeover interest from several companies. Assuming this is the case (rumoured) no official announcement/acknowledgement was necessary. If it is in fact the case that there are several predators on the prowl, given that there is more than one, there seemingly would be no need to announce publicly that one particular predator has pulled out as talks/discussions presumably continue with the others. I assume that Morgan Stanley was appointed as M&A advisor. Is it possible that this appointment was, perhaps, just good business practice rather than because specific approaches have been made to the company? By the way, Jim Cramer, the CNBC madman, a couple of weeks ago suggested that Gilead should acquire GWP. On the share price front, is there really a big premium already built into the price because of heightened takeover interest? Only now is the share price back to previous US$ highs. Of course, it is much past its previous high in sterling terms, thanks to the pound’s Brexit plunge. But back then, investors still did not have positive confirmation of positive trial results. Yes, US biotech shares have been a bit out of favour this year. On the other hand, the sector managed a rise of around 13%, one of the best performing sectors in the US market, in the last quarter despite Mylan’s share price dive. Moreover, no that one can necessarily rely on them, several analysts have set their price targets a bit higher than the current price and that is without accounting for a takeover premium.
01/10/2016
10:08
wengerb: My advice? Adopt the brace position. Next week it'll be nearly a month since the story about "many" potential partners looking at GWP and the appointment of Morgan Stanley as advisor to GWP. As I've said, had there been no truth in the story then GWP would simply have had to issue a polite denial. Not to have done so would have been poor corporate governance and GWP prides itself on good governance. I think that talks are taking place. Then Stephen Wright sold a large line of shares so there couldn't have been a takeover issue as why would he sell knowing a higher price might be in prospect? But he sold before the pIII data and, if anyone had an inkling of the likely success of those trials, it would have been Stephen. So I feel we can rule out the Stephen Wright share sale factor. In my working life I had a few brushes with with M&A and I found that any approaches that had no hope were rejected almost immediately. GWP and Morgan Stanley have had nearly a month to explore what the Morgan Stanley analyst referred to as "strategic optionalities". I think we'll soon see an announcement that will either say that a deal is on or that there's no deal at present. The share price will then leap up or fall substantially. As a long-term holder of GWP shares the latter won't worry me too much as I expect the share price to considerably exceed current levels when the FDA approves Epidiolex next year. Lazy journalists have as yet guessed that the "many" potentially interested parties lay within those pharma that already have a relationship with GWP; Bayer, Otsuka, Almirall, Novartis etc. I don't know about Novartis but the other three seem most unlikely as they've all had their fingers burned by the disappointing performance of Sativex. Based on minutes of desk research, I have a contender and it's Pfizer. GWP has aimed itself at CNS diseases. Pfizer has the world's biggest CNS franchise with sales in 2014 of $8.1 billion. Epidiolex potentially threatens the current roster of antiepileptic drugs. Pfizer has the world's biggest selling epilepsy drug, Lyrica, with sales of $5.1 billion (although Lyrica is also prescribed for other conditions). Pfizer has run a phase I trial on Lyrica for refractory epilepsy in children. Lyrica has a list of side effects as long as your arm. Pfizer has recently decided not to make the strategic decison of splitting the company in two but, according to a leading analyst, Dr. Tim Anderson "the most likely path forward involves hunting for more acquisition targets". In August, Pfizer announced it was paying $14 billion to buy Medivation. It's buying a portfolio of experimental antibiotics and anti-fungal pills from AstraZeneca. In June, Pfizer bought Anacor Pharmaceuticals Inc. for $5.2 billion. The chances of my being right about Pfizer are pretty remote. Why adopt the brace position? Because GWP's favourite day for releasing big news is Monday.
23/4/2016
11:36
wengerb: I have a few points that might add to the great GWPH v Insys debate. 1.Phytocannabinoids and synthetics. Synthetics can have harsh and unpredictable effects. Years ago someone at GWP talked to me about marinol/dronabinol (it's the same thing with a different name). It's a synthetic form of THC. It was developed a very long time ago and has never been a very successful medicine. It's the drug that Insys is trying to get approved as a liquid in a capsule. Insys hoped for an approval by now but the FDA has knocked it back for several months. I was told that marinol is unpopular with patients because it's randomly and savagely psychotropic. I was told that this was caused by the accidental production of optical isomers. Look at the back of your hands. One (I hope) is an optical isomer of the other. That is to say you have mirror images of the same structure. One of the optical isomers of THC is much more psychotropic than the other. It's a problem with a synthetic that doesn't occur in nature. Another example is the drug that was marketed as rimonabant. https://en.wikipedia.org/wiki/Rimonabant. Rimonabant was a synthetic cannabinoid that had great potential for multiple purposes but caused severe depression and suicidal urges. The problem was said to be that rimonabant was a total agonist of certain receptors whereas phtocannabinoids tend to be partial agonists. 2.Time lag Insys seems to be risking all on single p3 trials for each indication. The earliest they could get p3 results would be at least a year behind GWP. Assuming that they showed a clear advantage over Epidiolex, which is by no means certain, they'd be a year late launching in the US and as yet Insys has no sales capability (or ambition?) in the larger European market. 3. Weak cash position. Sales of Subsys, Insys's only product on the market, fell by 10% in Q1 and could fall further and faster as the company comes under more pressure for mis-selling. Insys has just over £100m in cash and "near" cash and has a beaten down share price and has barely started any trials. GWP has £200m and has pretty much finished its trial programme. 4. Price. GWP assumes that Insys would not compete with Insys on a price basis.
09/1/2016
10:34
wengerb: A happy New Year to everyone. 123Prezzie. Thank you for your thoughts. I am going to give you my reactions. I stress the “my”. Should anyone disagree with me, that’s fine but I’m not in debate mode at the moment. A general point to begin with; all drug development companies (DDCs) are in the “jam tomorrow” business. The questions are; how likely is the jam delivery, how much jam might there be and how far away is “tomorrow̶1;? For me the answers to these questions for GWP are; very likely (but not certain), potentially very great and very close. Good data in the first p3 (let’s say it’s coming in March) will be taken as predicting success in all four p3s. Which in turn will be taken as validating GWP’s intention to submit its NDA to the FDA in Q4 2016. FDA approval will be further assumed after, say, six-months. Epidiolex on the market in mid/late 2017. Addressing your points: 1 There’s a certain circularity in saying the price was “too” high in June. GWPH’s valuation was well in line with other DDCs. It was trading close to but below analysts’ price targets. The whole Nasdaq Biotech sector has fallen sharply and GWPH is not out of line with the falls of similar DDCs. Shorts have been very active. Too high? Who’s to say that had the US price peaked at $90 in June, we wouldn’t be looking at $45 today? 2 In such a falling market, the only news that would have helped GWPH withstand the various downward pressures would have been good p3 Epidiolex data. If we get good data in March then I expect the share price to move dramatically higher. 3 True but I don’t think that the disappointing sales of Sativex will have any bearing on the likely demand for Epidiolex. 4 GWP say’s it’ll have £200m in the bank at the end of Q1 2016. The great bulk of the recent heavy spending has been on the capability to manufacture high volumes of Epidiolex (enough this year for 55,000 patients), and on the four p3 trials. These are all non-recurring items. The cash burn should fall very fast after the end of Q1. If the p3 data on Epidiolex points to an approval then maybe GWP won’t need to raise more cash. If the p3 data disappoints then the company would presumably slash costs. At the moment GWP is in a near unique position for a DDC in having brought a product very close to market whilst retaining 100% of the commercial rights. Just as a point of interest, I think that it’s almost inconceivable that GWP could get its type-2 diabetes product to market without a major partner. It’s not just the cost of massive p3 trials on tens of thousands of patients, it’d be the sheer organisational demands involved. If the Epidiolex p3 trials look good and the THCV p2 “proof of concept” trial (or the CBDV broad epilepsy trial) look promising then GWP might look like a very attractive acquisition. Before that it looks like a pig in a poke. 5 In my view, the role of R&D is to produce new products likely to be clinically relevant to specific diseases/conditions. Getting from R&D to market is a separate function. I’d have thought that products potentially for paediatric epilepsy, epilepsy in general, paediatric neuropsychiatric conditions, autism spectrum disorders, glioma, cancer pain (still), cerebral palsy in children, type-2 diabetes, and neonatal hypoxic-ischemic encephalopathy represented a pretty long string of sausages? 6 I’m not sure that I understand your reference.
05/11/2013
10:50
wengerb: RandomPoint. Thanks for your setting out forthcoming attractions (as they used to say at the cinema). As I've said several times, it's GWPH and the US where all foreseeable, significant events effecting the shareholder value of the company will play out. If you look at the step changes in value that occur with US drug development companies, to a far greater degree than in Europe they tend to be data driven. That is to say success or failure in critical clinical trials is where the action is centred. Both private and institutional investors in the US look at successful data and look at the implied potential revenues and then see a company sensibly to be valued on prospective revenues. In the light of this there are three critical clinical trial data sets due for GWPH next year. They are the two cancer pain trials and the phase II trial for childhood epilepsy with patients on Epidiolex (aka CBD). Success in all three of these will very likely boost the market cap of GWPH to at least $1 billion. It's already very nearly at half that level. That market cap is what Lazard Capital implies with its price target of $65 (equivalent to a GWP share price of £3.50).
21/10/2013
11:45
wengerb: We must all be wondering what might happen to the GWP/GWPH share price by the end of next year? I feel confident in suggesting two thoughts; firstly, the share price will either be substantially higher or somewhat lower than now. Secondly, previous patterns of the rise and fall of the GWP share price will tell us very little about the future. Rapid rises in the price of GWP (on regulatory news for example) have generally been followed by price falls as interest has ebbed. As I've said before, no longer is the direction and scale of price movements of GWP related to UK sentiment. I was sceptical when the idea of shorting GWP was mentioned here after the rapid rise earlier in the month. On the NASDAQ web site you can see the "short interest" in any NASDAQ stock. For GWPH it is very low and much lower now than it was, for instance in mid-July. The values of drug development companies in the US are much more sensitive to news of success in clinical trials than seems to be the case in the UK. Investment in the drug development sector in the UK is seen as a primary means of losing your shirt. In the US the same sector is seen as one of the few where investment returns can be rapid and very large. In part this is due to the willingness of larger US pharmaceutical companies to pay very high prices for likely looking smaller companies. Last week I came across the Feuerstein – Ratain rule. It's an interesting idea and worth looking up. Specifically it was developed for assessing the likelihood of an oncology drug development company succeeding in phase III trials but maybe it has more general applicability. Its main idea is: "...there were no positive trials among the 21 micro-cap companies (ie, companies with less than $300 million market capitalization..., whereas 21 of 27 studies reported by the larger companies analyzed (greater than $1 billion capitalization) were positive." Why should small cap companies be so unsuccessful? Because expert opinion assesses the likely outcomes and buys into probable winners before the trial results and ignores likely losers. GWPH has three critical clinical trials that are due to report during 2014. They are the two phase III trials of Sativex for cancer pain and the phase II trial on the use of CBD for treating Dravet syndrome. There are other data due, on ulcerative colitis for ezample but those are probably of less significance. What might be the effect on the price of GWPH if these trials prove successful? In the UK, the reaction to success in GWP's trials has been modest. Investors seem to think that regulatory approval is still a long way off and things could still take a turn for the worse. In the US, investors seem to think that success in clinical trials (all previously approved by the FDA) are very likely to mean regulatory approval so now's the time to pile in. Consider Amarin (AMRN), once a small, Irish drug development company that migrated to the US and a quote on NASDAQ. Amarin is a one-product company (Vascepa – a highly refined fish oil aimed at treating very high levels of triglycerides). Tom Lynch, formerly chairman of Amarin has for a few years been a non-executive director of of GWP. Stephen Schultz, US Investor Relations man for GWPH, previously had the same role at Amarin. Amarin had two phase III trials that reported in 2011. During 2010 the share price rose from around $2 to $4 (a market cap of around $1 billion). On the news of success in the first phase III trial the market cap rose to $2 billion and on the second success to $3.8 billion. I'm not suggesting that GWPH could rise to anything approaching such a value because Vascepa was aimed at a much larger market opportunity than is Sativex. But even so.... If GWPH succeeds in each of the three trials there will be three upward lurches in the value of the company. If one or more fail? Your guess is probably similar to mine. There's a sad conclusion to the Amarin story. Last Thursday the share price crashed 60% back to the $2 it had in 2010. The very high triglyceride approval was always seen as the stepping-stone to the mass market for less high levels of triglyceride. The FDA voted against extending that approval until after a much longer trial to support such a claiml. It's thought that Amarin may lack the cash resources to survive.
25/3/2013
13:03
zlotini: Nigel.I am also interested in how a company's share price reflects its performance and prospects etc. For me, GWP share price often seems to be a classic case of suffering from a serious credibility gap – the share price does not reflect the true state of the company's affairs. It is most interesting ( also concerning) that you think GWP could have obtained a US listing through the backdoor without issuing new shares and spending lots of money and time via the listing route chosen. Your view on the reasons why perhaps the share price has been on the slide and a posible cash flow crisis raise concerns. I guess we will find out how desperate the company is for fresh funds when we learn how many new shares at what price are to be issued.
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