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HC Wainwright Raises Price For This Lung Disease Stock On First Pivotal Readout

·1 min read
  • Earlier this month, Verona Pharma plc (NASDAQ: VRNAreported positive data from the ENHANCE-2 Phase 3 trial of ensifentrine, the company's lead drug candidate for chronic obstructive pulmonary disease (COPD).

  • Ensifentrine is a first-in-class, dual inhibitor of phosphodiesterase 3 and 4 (PDE3/PDE4), combining bronchodilator and anti-inflammatory activities in one compound.

  • The trial successfully met primary and secondary endpoints. Ensifentrine also significantly reduced the rate and risk of COPD exacerbations.

  • HC Wainwright reiterates the Buy rating, raising the price target to $30 from $25 per American Depositary Share.

  • The price increase reflects an increased probability of approval for ensifentrine to 85% vs. the prior 65%, prompted by the positive ENHANCE-2 trial data and favorable readthrough for top-line data from the ENHANCE-1 study, expected by end-2022.

  • ENHANCE-1 comprises two subsets - a 24-week active treatment subset (3mg BID vs. placebo) and an additional 24- week long-term safety subset.

  • The analyst reminds that the ENHANCE trials constitute the pivotal data package to support regulatory submissions in the U.S. and Europe.

  • Price Action: VRNA shares are down 0.47% at $10.50 on the last check Monday.

Latest Ratings for VRNA

Date

Firm

Action

From

To

Nov 2021

Canaccord Genuity

Maintains

Buy

Sep 2021

HC Wainwright & Co.

Initiates Coverage On

Buy

May 2021

Canaccord Genuity

Maintains

Buy

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