Verona Pharma price target raised to $38 from $32 at Truist

Truist raised the firm’s price target on Verona Pharma to $38 from $32 and keeps a Buy rating on the shares. The firm’s call with the management on the approval of Ohtuvayre, or ensifentrine, and the company’s launch readiness suggest the label looks broad enough to capture a significant portion of about 8.6M COPD patients in the U.S. on maintenance, the analyst tells investors in a research note. Truist’s modeled $2.9B in U.S. peak sales may still prove conservative based on undifferentiated comps, while the warnings on adverse efeects is a non-issue given the COPD demographic, the firm added.