Shares in GW Pharma (NASDAQ: GWPH) (AIM: GWP) shot up in trading today after Reuters posted an exclusive report that the company has hired investment bank Morgan Stanley in response to takeover overtures from unnamed pharmaceutical companies. Trading was halted twice on the NASDAQ as volume surged. Shares of GWPH were up 22% just before the close of trading, as volume has picked up substantially, with over 2.6mm shares trading as the stock set a new high for 2016 above 103.
In July, the company sold 3.22mm shares in a public offering at $90, raising almost $290mm in gross proceeds. GWPH is expected to report the results from its third Phase 3 clinical trial for Epidiolex later this month for the treatment of seizures from rare forms of childhood epilepsy after having shared positive results in March and June for the treatment of Dravet syndrome and Lennox-Gastaut syndrome.
Read “Exclusive: GW Pharmaceuticals hires investment bank following approaches – sources”: http://uk.reuters.com/article/uk-gw-pharma-m-a-idUKKCN11D2I0
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