Verona Pharma initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Verona Pharma with an Overweight rating and $50 price target The firm says early prescriber feedback suggest Ohtuvayre could be a $2B drug with a $3B being a “real possibility.” The market is pricing in $750M in peak sales for Ohtuvayre, but the drug can achieve that “simply be replicating” the uptake curve of an “undifferentiated analog,” the analyst tells investors in a research note.