Why GW Pharmaceuticals Stock Lost 19% in September
GW Pharmaceuticals (NASDAQ: GWPH) investors lost ground to the market month as the stock declined 19% compared to a 2% increase in the S&P 500, according to S&P Global Market Intelligence. The drop put returns back to even with the broader market after having soared by over 75% earlier in 2019.
The biotech stock's September decline came as many companies tied to the marijuana space were pushed lower on Wall Street. CEO Justin Gover made the case to shareholders that his company has a much broader portfolio than just cannabis-related treatments and shouldn't be viewed as a simple pot stock. However, investors still sent shares lower last month amid a drop in valuations among the wider niche.
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Source Fool.com
