GWPH - Here's Why GW Pharmaceuticals Is Falling Today
Shares of GW Pharmaceuticals (NASDAQ: GWPH), a biopharmaceutical company focused on cannabinoids, are sinking in response to a relatively good third-quarter earnings report. Despite beating consensus estimates on the top and bottom lines after the bell on Tuesday, the pharma stock has fallen 16.3% as of 12:18 p.m. EST on Wednesday.
Adult epilepsy patients have been using marijuana in one form or another to treat themselves since forever, but they have had to pay for it themselves. GW Pharmaceuticals' lead drug, a cannabidiol (CBD) tincture called Epidiolex, became the first FDA-approved drug derived from marijuana last June, and sales shot up like a rocket following its launch last November.
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