Verona Pharma price target raised to $72 from $44 at Canaccord

Canaccord raised the firm’s price target on Verona Pharma (VRNA) to $72 from $44 and keeps a Buy rating on the shares. The firm believes the strong launch of Ohtuvayre to-date signals a strong future in the treatment of COPD. Given that Ohtuvayre is the first new mechanism for COPD to be approved in decades with a dual mechanism focused on both inflammation and bronchodilation, Canaccord believes physicians are viewing the drug as a game changer.