Verona Pharma (NASDAQ:VRNA) Price Target Increased to $38.00 by Analysts at Truist Financial

Verona Pharma (NASDAQ:VRNA) had its price target increased by equities research analysts at Truist Financial from $32.00 to $38.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 157.10% from the stock’s current price.

VRNA has been the subject of several other reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $35.00 target price on shares of Verona Pharma in a report on Thursday. Wedbush reaffirmed an “outperform” rating and issued a $33.00 price objective on shares of Verona Pharma in a report on Friday, March 1st. Piper Sandler raised their target price on Verona Pharma from $31.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Finally, HC Wainwright upped their price target on Verona Pharma from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $35.60.

Verona Pharma Stock Performance

NASDAQ VRNA traded down $0.66 during trading hours on Friday, reaching $14.78. The stock had a trading volume of 705,118 shares, compared to its average volume of 738,328. Verona Pharma has a 52-week low of $11.39 and a 52-week high of $23.07. The stock has a fifty day moving average of $14.10 and a 200 day moving average of $16.11. The company has a debt-to-equity ratio of 0.22, a quick ratio of 18.40 and a current ratio of 18.40. The stock has a market cap of $1.19 billion, a P/E ratio of -19.19 and a beta of 0.34.

Verona Pharma (NASDAQ:VRNA) last posted its earnings results on Thursday, May 9th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.08). Sell-side analysts predict that Verona Pharma will post -1.54 earnings per share for the current year.

Insider Buying and Selling

In other Verona Pharma news, insider Kathleen A. Rickard sold 36,248 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $1.96, for a total value of $71,046.08. Following the transaction, the insider now owns 2,621,552 shares in the company, valued at approximately $5,138,241.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of VRNA. First Turn Management LLC acquired a new position in Verona Pharma in the 4th quarter valued at about $23,981,000. Eventide Asset Management LLC raised its position in Verona Pharma by 62.1% in the fourth quarter. Eventide Asset Management LLC now owns 1,377,781 shares of the company’s stock valued at $27,390,000 after purchasing an additional 527,781 shares during the period. Bellevue Group AG lifted its stake in shares of Verona Pharma by 35.6% in the 1st quarter. Bellevue Group AG now owns 1,139,295 shares of the company’s stock valued at $18,331,000 after purchasing an additional 299,299 shares during the last quarter. American Century Companies Inc. purchased a new position in shares of Verona Pharma during the 3rd quarter worth $4,566,000. Finally, Affinity Asset Advisors LLC increased its position in shares of Verona Pharma by 45.1% during the 1st quarter. Affinity Asset Advisors LLC now owns 817,833 shares of the company’s stock worth $13,159,000 after purchasing an additional 254,009 shares during the last quarter. 85.88% of the stock is owned by hedge funds and other institutional investors.

About Verona Pharma

Verona Pharma plc, a clinical stage biopharmaceutical company, focuses on development and commercialization of therapies for the treatment of respiratory diseases with unmet medical needs. The company's product candidate is ensifentrine, an inhaled and dual inhibitor of the phosphodiesterase (PDE) 3 and PDE4 enzymes that acts as both a bronchodilator and an anti-inflammatory agent in a single compound, which is in Phase 3 clinical trials for the treatment of chronic obstructive pulmonary disease, asthma, and cystic fibrosis.