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
  +86.00p +12.30% 785.00p 785.00p 787.00p 814.00p 688.50p 696.50p 2,047,783 16:23:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 28.5 -57.1 -18.1 - 2,368.90

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DateSubject
26/9/2016
09:20
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 699p.
Gw Pharmaceuticals has a 4 week average price of 608.53p and a 12 week average price of 586.64p.
The 1 year high share price is 814p while the 1 year low share price is currently 211p.
There are currently 301,770,915 shares in issue and the average daily traded volume is 441,535 shares. The market capitalisation of Gw Pharmaceuticals is £2,376,445,955.63.
08/9/2016
13:33
wengerb: Altom. A $250 price per ADR is equivalent to a UK ordinary share price of around £15.50. There are 12 UK shares in each ADR and then you have to correct for the exchange rate.
25/8/2016
11:46
wengerb: I was away for a few weeks but I looked at the board from time to time and only nodding seemed to be trying to blow on the embers to keep it going. Today's price fall pretty much exactly follows the decline in the Nasdaq Biotechnology Index late on in yesterday's trading in the US. The fall occurred after Hillary Clinton renewed her attack on US drug prices. I thought I'd look at what news events we have left in 2016. 1. The second p3 trial on Lennox-Gastaut syndrome patients is due to report before the end of September. It'll be both astonishing and fairly disastrous if the results aren't good. This p3 is very much like the first p3 trial on L-GS except that it has two different dose levels If the data are good I'd expect some positive share price reaction as this would complete the set of three p3 trials that the company needs to submit its NDA to the FDA. 2. In Q4 we'll see the data from a small p2 trial on an agressive form of brain cancer (glioblastoma multiforme aka glioma). A positive outcome in such trials is an extension of life expectancy. I'd love this data to be positive but I think it might be difficult to show such an effect with a very aggressive condition and such a small sample size but fingers crossed. 3. In Q4 we'll also see the data from a trial on patients aged 8-18 with cerebral palsy. I believe the sample size is 72. The drug in question is Sativex. The US clinical trials website has the details: https://clinicaltrials.gov/ct2/show/NCT01898520 I have no feeling whatsoever whether this is expected to be a successful trial or not or how much weight GWP gives to the potential for Sativex for CP. If the trial is successful then GWP would have to run more p3 trials in the US and it would be a pretty lengthy route to market. 4. The American Epilepsy Society annual meeting is in Houston from 1-6 December. Epidiolex will be all over this meeting with three sets of p3 data to present. 5. Finally there's a date that intrigues me. As part of the recent Q3 results webcast, Justin Gover announced that there would be "an investor event on Monday 5th December". I can't imagine that it would simply repeat the Epidiolex/epilepsy data that all the analysts would already know backwards so I'm hoping that Justin may have some additional stuff up his sleave.
23/4/2016
12:36
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.
23/3/2016
20:08
longsight: from bobby028 on iii [with apologies]: Today I have attended the AGM in London after a chat with both Dr Guy and Chris Tovey I am now very confident going forward that this will be a very successful 2016/17 and look forward to the share price going back above 700pps, I asked about the Litigation from the Ambulance chasing lawyers and all are very confident that the case is nothing to answer with just one USA shareholder claming loses of $70 Dr Guy said his leagle deptment do not think the case will even come to court as they had reported there self that an error had occurred and after advice had put it right this was later passed on to the Telegraph by professional shorters to try and damage the share price. All the directors are also very confident going forward that the next three trials will deliver very positive results on both Dravet syndrome trials,and Lennox Gastaut syndrone and look forward to a FDA filling at the beginning of 2017 we were also shown the new building that will open in the next four weeks allowing gwp to start full production of Epidiolex. GLA Bob
25/1/2016
12:25
sojourno: RP... On the other hand firms like Pomerantz actually do in fact perform a valid and upstanding service. The State is typically pretty hopeless at regulating financial law and we all know what kind of reputation the AIM market has; and transfers onto some perfectly brilliant CEOs and BoDs. Shareholders are often screwed out of their hard earned cash by corrupt, yet 'lawful' behaviour. My pet gripe is Gordon Brown's "light touch" to regulation to make London the place to do business -his words not mine; which directly led to the UK suffering such extensive contagion. GWP isn't, as yet, on their list of ongoing cases. It's worth knowing who they are and what they're about. http://pomerantzlawfirm.com/the-firm/ I had warned about letting the share price run away with itself, most particularly referring to a bull trap, but I think the Bubble was caused by sector enthusiasm rather than any meaningful procedural error that had any tangible effect on share price...
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
12:45
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.
25/3/2013
12:11
gnnmartin: My only interest in the share price comes when I buy or sell, or when the company itself buys or sells its own shares. My interest is in how the company itself performs. I did think that introducing ADRs could transform the company's share price, which is why I bought in on the news. It was very irritating to have the bad German news issued a few minutes later: the company should not have put out two RNS which pull so strongly in opposite directions without at least mentioning in each the fact that the other was also being issued. A few minutes of a false market. It is not necessary (I believe) to issue new shares in order to introduce ADRs. Another route involves working with a broker to accumulate shares from the market which can then be packaged as ADRs. Where there is a real expectation that the US listing will increase the share price, a broker will have a good incentive to fund the exercise. Hence it is reasonable to deduce that the company does desire to raise more money. If the company does need to raise more money, then it was a bad decision to leave it so long. Perhaps they were just hoping the share price would recover, or perhaps the share price has been sliding because they have been asking around to test the appetite for a placing. When a company does not have a steady and reliable cash flow there are bound to be worries about the future, and in this case a worry must be that GWP are not confident that Otsuka will renew their agreement when the current agreement ends in 3 months time. Maybe the slide in the company share price has somehow fed and been fed by that fear. I remember when GWP tried to boost the share price by selling shares at a discount with warrants attached to a US investment group in Jan 2006. The very generous terms offered to the US group were justified because they were an opinion former who would awaken interest in GWP in the USA. The group have since sold out. GWP are just not very good at dealing with the stock markets of the world. I tried to find more details about that placing in order to refresh my memory before this post, but the original announcement just talked about placing with "a US institutional investor", and the GWP web site only offers annual reports for the last 3 years. Nor can I find the prospectus for the pending ADR placing on the company's web site. I do not think there is deliberate obfuscation, but the difficulty of finding out exactly what is going on, and what went on in the past, does not inspire confidence in someone researching the shares. To repeat, GWP are just not much good at interfacing with the stock market. I wish they would give up trying to 'improve shareholder value' by worrying about the share price and confine their attention to turning their ideas into revenue. Nigel Martin
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