Wells Fargo analyst Tiago Fauth raised the firm’s price target on Verona Pharma (VRNA) to $107 from $93 and keeps an Overweight rating on the shares. Q1 Ohtuvayre sales of $71M marked the third straight quarter in which Ohtuvayre is tracking above Trelegy as well as Breztri, notes the analyst, who believes this “easily justifies ~$3B in peak sales, with ~$5B+ being a real possibility.” The company added an incremental $31M and $35M in Q4 and Q1, respectively, indicating growth is accelerating, and there are reasons to believe growth will keep accelerating, the analyst added.
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