GW Pharmaceuticals Marijuana Stock Skyrockets On Morgan Stanley Coverage

Shares in GW Pharmaceuticals (GWPH) were soaring Tuesday following a bullish rating from Morgan Stanley analysts. Morgan Stanley gave the British company an “overweight” rating, but it most likely raised eyebrows the most with its price target of $103 a share, a 123.7 percent upside over the closing price of $46.04 on Monday.

The news of the Morgan Stanley upgrade came in tandem with Jim Cramer mentioning the stock as his preferred play for medicinal marijuana during his morning notes on CNBC. This isn’t the first time Cramer has touted GW Pharmaceuticals, but his reiteration may be contributing to the stock’s considerable momentum in morning trading.

Shares gapped up just under 9 percent at the opening bell, trading at $50.10. However, a massive buying spree in the first 40 minutes of trading pushed the price higher on extremely heavy volume. This opening surge pushed the stock over $63.30 a share before settling down as the stock appeared to but up against its 50-day SMA at $62.16 and retreated below that level. However, this was a temporary hold, as the stock started to regain momentum around 10:40 am ET and pushed past $65 to a high of $65.96 prior to 12:30 pm ET. As the afternoon progressed, though, shares retreated and continued trading at or near the 50-day SMA.

To read more, visit–Marijuana-Stock-GW-Pharmaceuticals-GWPH-Skyrockets-on-Morgan-Stanley-MS-Cov-18307807/

Posted in: Stocks

Comments are closed.