Verona Pharma price target raised to $74 from $64 at Wells Fargo

Wells Fargo analyst Tiago Fauth raised the firm’s price target on Verona Pharma (VRNA) to $74 from $64 and keeps an Overweight rating on the shares. The firm notes preliminary Q4 sales of $36M marks the second quarter in which Ohtuvayre is tracking well above the launch comps. Wells is increasing its near-term trajectory, long-term peak sales, and efficient/M&A weight in its discounted cash flow.