Stock Alert: GW Pharmaceuticals Climbs 10% On Narrower Q3 Loss

(RTTNews) - Shares of GW Pharmaceuticals plc (GWPH, GWP.L) are rising 10 percent or $8.92 in Tuesday's morning trade at $98.21 after the UK-based biopharmaceutical company reported a narrower loss for the third quarter on strong revenue growth.

Tuesday, GW Pharmaceuticals reported third-quarter net loss that narrowed to $12.18 million or $0.03 per share from $13.76 million or $0.04 per share in the year-ago period. Total revenue surged to $137.05 million from $90.97 million last year. Analysts polled by Thomson Reuters had a consensus estimate for loss of $0.83 per share on revenues of $127.37 million.

GW Pharmaceuticals also said it has commenced a pivotal Phase 3 program for nabiximols in the treatment of multiple sclerosis spasticity, which provides multiple opportunities for an NDA submission that includes as early as next year.

GW Pharmaceuticals has traded in a range of $67.98 to $141.98 in the past 52 weeks.