Verona Pharma (NASDAQ:VRNA) Trading 5.7% Higher – Here’s What Happened

Verona Pharma plc (NASDAQ:VRNA)’s stock price shot up 5.7% during mid-day trading on Monday . The company traded as high as $34.53 and last traded at $34.52. 623,257 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 911,817 shares. The stock had previously closed at $32.67.

Analysts Set New Price Targets

VRNA has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and issued a $36.00 price target on shares of Verona Pharma in a research report on Tuesday, October 1st. Canaccord Genuity Group lifted their price objective on shares of Verona Pharma from $35.00 to $37.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Truist Financial raised their price target on shares of Verona Pharma from $38.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company initiated coverage on Verona Pharma in a research report on Thursday, October 3rd. They set an “overweight” rating and a $50.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $39.33.

Verona Pharma Trading Down 0.1 %

The company has a quick ratio of 8.61, a current ratio of 8.61 and a debt-to-equity ratio of 0.72. The company has a market cap of $2.76 billion, a price-to-earnings ratio of -22.10 and a beta of 0.44. The company’s 50-day moving average is $28.37 and its 200 day moving average is $20.52.

Verona Pharma (NASDAQ:VRNA) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.53). During the same quarter last year, the firm earned ($0.11) EPS. Research analysts predict that Verona Pharma plc will post -2.07 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in VRNA. CWM LLC purchased a new stake in Verona Pharma during the second quarter worth about $29,000. EMC Capital Management purchased a new stake in shares of Verona Pharma during the second quarter worth approximately $38,000. GAMMA Investing LLC raised its holdings in Verona Pharma by 70.6% in the third quarter. GAMMA Investing LLC now owns 1,336 shares of the company’s stock valued at $38,000 after acquiring an additional 553 shares in the last quarter. Legato Capital Management LLC acquired a new stake in Verona Pharma in the second quarter valued at approximately $154,000. Finally, Marshall Wace LLP purchased a new position in Verona Pharma in the second quarter worth approximately $195,000. 85.88% of the stock is currently owned by institutional investors and hedge funds.

Verona Pharma Company Profile

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.