HC Wainwright Raises Price For This Lung Disease Stock On First Pivotal Readout - Verona Pharma (NASDAQ:VRNA)

Earlier this month, Verona Pharma plc VRNA reported 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.