GW Pharma (GWPH) Lower as Bid Speculation Questioned
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After surging 24% over the past few sessions following reports from Reuters the company has been approached for a sale, GW Pharma (NASDAQ: GWPH) is down 5.5% in pre-open trade Friday as the speculation is questioned. Traders are pointing to a DailyMail report that tamps down expectations on an imminent deal.
The report highlights that the company has ample cash and can afford to go it alone. Also, a company spokesperson points out that Morgan Stanley, the bank said to be fielding GWPH offers, has acted as its banker for a many years (so nothing new there).
It should also be noted that the company is still presenting at next week's Morgan Stanley Healthcare Conference (09/14) and Morgan Stanley analysts have not restricted coverage of the stock.
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