GWPH - Here's Why GW Pharmaceuticals Dropped 12% in August
Shares of GW Pharmaceuticals (NASDAQ: GWPH) dropped 12.2% in August, according to data provided by S&P Global Market Intelligence, after the company posted fairly solid second-quarter results.
Sales of Epidiolex, a cannabidiol (CBD) drug derived from marijuana, more than doubled from the first quarter to the second quarter with over 12,000 patients having received the drug and a "vast majority" remaining on the therapy, according to the company.
On the bottom line, GW Pharmaceuticals posted a profit of $0.21 per share, although that was entirely due to selling a Rare Pediatric Priority Review Voucher. If a company doesn't need the voucher, which can be turned in for a faster FDA review, it can be sold -- as GW Pharmaceuticals did for a little over $104 million.