Verona Pharma price target raised to $64 from $50 at Wells Fargo

Wells Fargo raised the firm’s price target on Verona Pharma (VRNA) to $64 from $50 and keeps an Overweight rating on the shares. The firm notes that the company’s October sales are exceeding Q3, even prior to a permanent J-code and potential GOLD guideline inclusion, which not only sets up a favorable near-term launch trajectory but significantly mitigates the risk of a launch “fizzle”, the analyst tells investors in a research note.