EMA Orphan Designation for GW Pharmaceuticals’ (GWPH) Drug; Potential Visualized in Fortinet (FTNT)
GW Pharmaceuticals plc (Nasdaq:GWPH) said before the opening bell Wednesday that it has received orphan drug status from the European Medicines Agency (EMA) for the use of its cannabinoid Epidiolex to treat Lennox-Gastaut Syndrome (LGS), a difficult-to-treat form of childhood-onset epilepsy.
Sponsors of designated orphan drugs can benefit from a number of incentives in the European Union (EU), including protocol assistance and a 10-year period of market exclusivity – once the drug is approved for marketing -.
GWPH finished Tuesday’s trading session in negative territory by 1.05% (or -$1.28) at $120.13 and 222,320 of its shares changed hands durong the day.
GW Pharmaceuticals, which engages in discovering, developing, and commercializing cannabinoid prescription medicines, has 25.17M shares outstanding, market capitalization (intraday) of $3.02B and GWPH stock 52-week range is between $69.12 and $137.88 per share.
Brokerage firm Robert W. Baird upgraded Fortinet Inc. (Nasdaq:FTNT) stock from a Neutral to an Outperform rating and raised its price target to $50.00 from $38.00
Shares of the network security company closed at $36.56, up $0.22 (or +0.61%) on Tuesday.
Fortinet, which provides cybersecurity solutions for enterprises, service providers, and government organizations worldwide, has 175.32M shares outstanding, market capitalization (intraday) of $6.41B and FTNT stock one-year range is from $28.08 to $38.33 per share.
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