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GW Pharmaceuticals News: Why GWPH Stock Is Running 27% High Today

GW Pharmaceuticals (NASDAQ:GWPH) news for Wednesday includes GWPH stock continuing to rise after the release of its earnings report for the third quarter of 2020 yesterday. That was due to its diluted losses per share of 3 cents easily beating Wall Street’s estimate of -83 cents. Its revenue of $137.05 million also comes in well above analysts’ estimates of $127.4 million.

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Here’s what else is worth noting about the GW Pharmaceuticals earnings news.

  • Diluted per-share losses were 25% narrower than the 4 cents reported in Q3 2019.
  • Revenue for the quarter was up 50.7% from $90.97 million in the same period of the year prior.
  • Operating loss of $12.72 million is 28% better year-over-year than $17.66 million.
  • The GW Pharmaceuticals earnings report also has its net loss coming in at $12.19 million.
  • That’s an 11.4% improvement over the company’s net loss of $13.76 million from the same time last year.

Justin Gover, CEO of GW Pharmaceuticals, said the following in the earnings news.

“We have also now commenced the pivotal Phase 3 program for nabiximols in the treatment of multiple sclerosis spasticity, which provides multiple opportunities for an NDA submission, including as early as next year. Beyond nabiximols, we are advancing several clinical-stage pipeline candidates, including the recent start of a Phase 2 trial in schizophrenia.”

GW Pharmaceuticals didn’t include guidance in its earnings report. Even so, we know what Wall Street is expecting. That includes diluted losses per share of $2.13 on revenue of $518.05 million for the year.

GWPH stock was up 27% as of Wednesday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/11/gw-pharmaceuticals-news-sends-gwph-stock-soaring-higher/.

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