GWPH - Why GW Pharmaceuticals Stock Plunged in February
Shares of British drugmaker GW Pharmaceuticals (NASDAQ: GWPH) shed an eye-catching 11.4% of their value in February, according to data from S&P Global Market Intelligence. The company took a big hit after reporting fourth-quarter and full-year results on Feb. 25, but earnings weren't the whole story behind this hefty downturn.
Specifically, GW Pharmaceuticals' stock was hammered for two interrelated reasons last month. First, the company posted a larger net loss for the fourth quarter than the prevailing consensus estimate. Second, this earnings miss couldn't have come at a worse time. The entire market was in free fall at the end of February thanks to the COVID-19 illness, and pharma stocks like GW Pharmaceuticals were some of the hardest hit by this wave of panic selling.
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