With Morgan Stanley initiating coverage on the company with an "overweight" rating and $103 price target, GW Pharmaceuticals (OTCMKTS:GWPRF) found its way to the top of the marijuana stock conversation Wednesday.
The company closed Monday's trading at $3.81, but found momentum Tuesday opening at $4.24 a share. After closing Tuesday's trading at $5.12, it jumped again to $5.50 Wednesday, making it the biggest gainer amongst many of the popular "pot stocks". The stock closed Wednesday's trading at $5.75, up 0.63 (12.30%).
Analysts also credited the company's spike in price to Jim Cramer. Money Morning's report today stated that Cramer,was "shocked" by Morgan Stanley's call. They added, "Cramer said it was nonetheless a "timely" recommendation given the current marijuana stock craze." Money Morning also reported Cramer said the stock will quickly reach Morgan Stanley's target price and said GW is the top play in "today's current marijuana stock obsession".
Other marijuana stocks managed to return to the green Wednesday evening after flat lining or going red. By 2:30 p.m. the only other marijuana stock that was making any headway was Medical Marijuana, Inc.(OTCMKTS:MJNA). However, don't get too excited, as it was only on the green by 0.001, maybe 0.002 at the most. Needless to say MJNA did maintain to stay above water, closing at a small gain of 0.228, up 0.003 (1.56%). The company announced this morning its subsidiary company, HempMeds™, is participating as a sponsor and presenter during the week-long interactive educational event, "Herb Day – Online!" As per their press release, "The informative "Herb Day – Online!" presentations will be focused on hemp and cannabidiol (CBD) education, herbal product and natural health education, and demystifying the "Green Movement." "Herb Day – Online!"
Rounding out the top three popular Marijuana stock winners is Medbox Inc.(OTCMKTS:MDBX). Medbox closed Wednesday's trading at $23.25, up 0.66 (2.92%).