Verona: Wainwright Raises Target On First Pivotal Readout

 

• Earlier this month, Verona Pharma plc 
  VRNA-2.84%+ Free Alerts
   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.

https://www.benzinga.com/general/biotech/22/08/28673951/hc-wainwright-raises-price-for-this-lung-disease-stock-on-first-pivotal-readout