The increase follows coverage initiation on the cannabis prescription drug company's stock with an "overweight" rating by analysts at Morgan Stanley (MS). The firm set a $103 price target on the company's shares.
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Analysts see the company's cannabis based epilepsy treatment drug, Epidiolex, as having "strong potential, with the epilepsy program driving valuation."
"While small and still anecdotal, there is a consistently strong and building set of data (case cohort and controlled) which highlight the positive impact of Cannabidiol on refractory epilepsy pts," the firm said.