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Topline data for the company’s main drug candidate is due sometime in August 2022 and Truist maintains high optimism ahead of the key readout, noting that it’s a “moment of truth for ensifentrine, decades In the making.”
The analyst elaborates: “Last week, VRNA hosted a KOL event ahead of ENHANCE-2 topline in ~August. Also, we recently hosted VRNA mgmnt for in-person NDRs. Based on extensive Ph2 data, we think Ph3 will be positive with acceptable safety. Commercial prospect looks bright given ensifentrine’s differentiated profile in a large COPD market. Lastly, we think there’s adequate commercial runway for ensifentrine to achieve >$2BN in WW sales by 2031. Shares of VRNA have lagged, but we think it’s poised for inflection on positive data with continued strength thereafter. Now is the time to pay attention to VRNA. Reiterate BUY.”
Shares of Verona Pharma closed at $3.85 yesterday.
