Verona Pharma (NASDAQ:VRNA) Sets New 12-Month High – Here’s What Happened

Shares of Verona Pharma plc (NASDAQ:VRNA) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $40.76 and last traded at $39.96, with a volume of 190504 shares. The stock had previously closed at $39.90.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on VRNA shares. Canaccord Genuity Group upped their price objective on Verona Pharma from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Wells Fargo & Company upped their price target on Verona Pharma from $50.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. HC Wainwright lifted their price objective on Verona Pharma from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, Truist Financial upped their price objective 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. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $43.83.

Verona Pharma Price Performance

The business has a fifty day moving average of $34.46 and a 200-day moving average of $25.09. The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93. The firm has a market cap of $3.19 billion, a PE ratio of -20.78 and a beta of 0.42.

Verona Pharma (NASDAQ:VRNA) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). The firm had revenue of $5.62 million for the quarter, compared to analysts’ expectations of $2.31 million. During the same quarter last year, the firm posted ($0.18) earnings per share. As a group, research analysts predict that Verona Pharma plc will post -2.11 earnings per share for the current year.

Insider Transactions at Verona Pharma

In other news, Director David R. Ebsworth acquired 39,360 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was acquired at an average price of $4.80 per share, for a total transaction of $188,928.00. Following the completion of the acquisition, the director now owns 920,003 shares in the company, valued at $4,416,014.40. This trade represents a 4.47 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kathleen A. Rickard sold 240,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $4.90, for a total value of $1,176,000.00. Following the completion of the sale, the insider now owns 2,671,480 shares in the company, valued at $13,090,252. The trade was a 8.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,383,544 shares of company stock valued at $6,188,952. 4.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in Verona Pharma by 70.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,336 shares of the company’s stock worth $38,000 after acquiring an additional 553 shares during the last quarter. CWM LLC purchased a new position in shares of Verona Pharma in the second quarter worth $29,000. EMC Capital Management bought a new position in shares of Verona Pharma during the second quarter valued at $38,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Verona Pharma by 25.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,610 shares of the company’s stock valued at $75,000 after buying an additional 529 shares during the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Verona Pharma during the 3rd quarter valued at about $169,000. Institutional investors own 85.88% of the company’s stock.

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.