Shares of biotech GW Pharmaceuticals PLC GWPH, -1.14% surged 4.9% in midday trade Wednesday, to extend their bounce off an 18-month low, after after J.P. Morgan analyst Cory Kasimov started coverage of the cannabinoid company with a bullish rating and a price target that implies a 32% rise from current levels. "In our view, the company is a clear leader in the field of cannabinoid science and drug development, now with two regulatory approvals (Epidiolex and Sativex) under its belt, a respectable pipeline of additional assets across an array of therapeutic indications, and a proprietary research/manufacturing platform that should enable it to sustain further growth," Kasimov wrote in a note to clients. Kasimov rates the stock overweight with a $134 target. The initiation comes about two weeks after President Donald Trump signed the 2018 farm bill, which legalized help. GW Pharma's stock has now run up 8.3%, since it closed Dec. 27 at $94.36, which was the lowest close since June 8, 2017. The stock has tumbled 37.1% over the past three months, while the ETFMG Alternative Harvest ETF MJ, +0.61% has lost 32.3% and the S&P 500 SPX, -0.46% has shed 14.5% over the same time.