Verona Pharma (NASDAQ:VRNA) Sets New 52-Week High Following Analyst Upgrade

Verona Pharma plc (NASDAQ:VRNA)’s share price hit a new 52-week high during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $50.00 to $64.00. Wells Fargo & Company currently has an overweight rating on the stock. Verona Pharma traded as high as $39.40 and last traded at $39.35, with a volume of 398136 shares trading hands. The stock had previously closed at $38.15.

Several other research analysts have also weighed in on VRNA. HC Wainwright increased their target price on shares of Verona Pharma from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday. Canaccord Genuity Group lifted their target price on shares of Verona Pharma from $37.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Truist Financial upped their price target on Verona Pharma from $38.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $43.83.

Insider Activity at Verona Pharma

In other Verona Pharma news, CEO David Zaccardelli sold 94,144 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $4.39, for a total value of $413,292.16. Following the sale, the chief executive officer now owns 15,204,752 shares of the company’s stock, valued at $66,748,861.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO David Zaccardelli sold 94,144 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $4.39, for a total transaction of $413,292.16. Following the completion of the transaction, the chief executive officer now directly owns 15,204,752 shares of the company’s stock, valued at approximately $66,748,861.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Mark W. Hahn sold 80,784 shares of Verona Pharma stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $4.39, for a total transaction of $354,641.76. Following the completion of the transaction, the chief financial officer now owns 14,293,736 shares of the company’s stock, valued at $62,749,501.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,139,544 shares of company stock worth $4,992,952. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Verona Pharma

A number of institutional investors and hedge funds have recently modified their holdings of the company. Sei Investments Co. raised its stake in Verona Pharma by 3.7% in the first quarter. Sei Investments Co. now owns 74,294 shares of the company’s stock valued at $1,195,000 after buying an additional 2,640 shares in the last quarter. Bellevue Group AG raised its position in shares of Verona Pharma by 35.6% during the 1st quarter. Bellevue Group AG now owns 1,139,295 shares of the company’s stock worth $18,331,000 after acquiring an additional 299,299 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Verona Pharma during the second quarter worth approximately $859,000. Resolute Capital Asset Partners LLC acquired a new position in Verona Pharma in the second quarter valued at approximately $723,000. Finally, Hennion & Walsh Asset Management Inc. increased its stake in Verona Pharma by 101.3% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 135,629 shares of the company’s stock valued at $1,961,000 after purchasing an additional 68,264 shares during the last quarter. Institutional investors and hedge funds own 85.88% of the company’s stock.

Verona Pharma Price Performance

The company has a debt-to-equity ratio of 0.72, a current ratio of 8.61 and a quick ratio of 8.61. The company’s 50 day simple moving average is $31.28 and its 200 day simple moving average is $22.59. The company has a market capitalization of $3.05 billion, a PE ratio of -19.58 and a beta of 0.42.

Verona Pharma (NASDAQ:VRNA) last released 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 company had revenue of $5.62 million during the quarter, compared to analysts’ expectations of $2.31 million. During the same quarter in the previous year, the company earned ($0.18) EPS. As a group, sell-side analysts predict that Verona Pharma plc will post -2.07 earnings per share for the current year.

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.