Verona Pharma (NASDAQ:VRNA) Price Target Raised to $72.00 at Canaccord Genuity Group

Verona Pharma (NASDAQ:VRNA) had its price objective increased by equities research analysts at Canaccord Genuity Group from $44.00 to $72.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 21.36% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Truist Financial reaffirmed a “buy” rating and set a $57.00 target price (up from $44.00) on shares of Verona Pharma in a report on Wednesday, January 8th. Roth Capital raised shares of Verona Pharma to a “strong-buy” rating in a report on Friday, January 10th. Roth Mkm initiated coverage on shares of Verona Pharma in a research note on Friday, January 10th. They set a “buy” rating and a $68.00 target price on the stock. Wells Fargo & Company raised their target price on Verona Pharma from $64.00 to $74.00 and gave the company an “overweight” rating in a research report on Wednesday, January 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $60.00 price target (up previously from $42.00) on shares of Verona Pharma in a report on Tuesday, January 21st. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $57.14.

Verona Pharma Stock Up 1.0 %

Shares of VRNA stock opened at $59.33 on Wednesday. Verona Pharma has a twelve month low of $11.39 and a twelve month high of $62.00. The stock has a market cap of $4.74 billion, a P/E ratio of -30.90 and a beta of 0.41. The stock has a 50 day moving average of $48.79 and a 200 day moving average of $37.32. The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling

In other Verona Pharma news, CEO David Zaccardelli sold 162,800 shares of Verona Pharma stock in a transaction on Friday, December 6th. The shares were sold at an average price of $5.01, for a total transaction of $815,628.00. Following the sale, the chief executive officer now owns 14,204,752 shares of the company’s stock, valued at $71,165,807.52. The trade was a 1.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark W. Hahn sold 12,936 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $5.00, for a total transaction of $64,680.00. Following the completion of the sale, the chief financial officer now owns 14,276,000 shares of the company’s stock, valued at $71,380,000. This trade represents a 0.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 952,488 shares of company stock worth $4,743,881 in the last 90 days. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Eventide Asset Management LLC grew its position in shares of Verona Pharma by 359.6% in the third quarter. Eventide Asset Management LLC now owns 2,425,846 shares of the company’s stock valued at $69,792,000 after purchasing an additional 1,898,065 shares in the last quarter. Maverick Capital Ltd. lifted its position in Verona Pharma by 36.3% during the third quarter. Maverick Capital Ltd. now owns 4,215,973 shares of the company’s stock worth $121,294,000 after buying an additional 1,123,166 shares in the last quarter. Loomis Sayles & Co. L P acquired a new position in Verona Pharma during the third quarter worth $31,966,000. Jennison Associates LLC grew its holdings in Verona Pharma by 54.3% in the 3rd quarter. Jennison Associates LLC now owns 1,740,886 shares of the company’s stock valued at $50,085,000 after buying an additional 612,854 shares in the last quarter. Finally, First Turn Management LLC acquired a new stake in shares of Verona Pharma in the 3rd quarter worth $16,483,000. 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.