Varonis Systems (VRNS) PT Raised to $36 at Piper Sandler

Piper Sandler analyst Yasmeen Rahimi raised the price target on Varonis Systems (NASDAQ: VRNS) to $36.00 (from $31.00) while maintaining a Overweight rating.

The analyst commented, "VRNA remains one of our 2024 names with what we believe to be the lowest clinical risk and highest PoS (95%) for approval for ensifentrine in COPD. Accordingly, herein we address 20 investor questions around the key topics of FDA interactions with no AdCom expected, the blockbuster opportunity in COPD, why we think this launch will be so successful and thus investors should own ahead, and additional questions on commercial prep, manufacturing, IP, pricing, and COPD catalysts in 2024. Lastly, we updated our COPD model and increased our PT to $36/share."

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