Verona Pharma (NASDAQ:VRNA) Stock Price Down 2.5% – Here’s Why

Verona Pharma plc (NASDAQ:VRNA) dropped 2.5% during trading on Tuesday . The company traded as low as $45.64 and last traded at $45.83. Approximately 105,374 shares changed hands during trading, a decline of 89% from the average daily volume of 925,925 shares. The stock had previously closed at $47.02.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Verona Pharma from $50.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. HC Wainwright boosted their price target on shares of Verona Pharma from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Canaccord Genuity Group raised 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. Finally, Truist Financial boosted their target price on Verona Pharma from $38.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $43.83.

Verona Pharma Trading Down 2.4 %

The firm has a market capitalization of $3.69 billion, a PE ratio of -23.91 and a beta of 0.46. 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 50 day simple moving average of $39.09 and a 200 day simple moving average of $29.77.

Verona Pharma (NASDAQ:VRNA) last posted its earnings results on Monday, November 4th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). The business had revenue of $5.62 million during the quarter, compared to the consensus estimate of $2.31 million. During the same quarter last year, the company posted ($0.18) earnings per share. Equities analysts expect that Verona Pharma plc will post -2.11 earnings per share for the current fiscal year.

Insider Activity at Verona Pharma

In other news, CEO David Zaccardelli sold 162,800 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $5.01, for a total value of $815,628.00. Following the completion of the sale, the chief executive officer now owns 14,204,752 shares in the company, valued at approximately $71,165,807.52. This trade represents a 1.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark W. Hahn sold 249,728 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $4.38, for a total transaction of $1,093,808.64. Following the transaction, the chief financial officer now owns 14,089,960 shares in the company, valued at $61,714,024.80. The trade was a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,094,432 shares of company stock valued at $9,748,833 over the last 90 days. 4.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Verona Pharma by 25.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,610 shares of the company’s stock worth $75,000 after buying an additional 529 shares during the period. GAMMA Investing LLC increased its stake in Verona Pharma by 70.6% in the third quarter. GAMMA Investing LLC now owns 1,336 shares of the company’s stock worth $38,000 after purchasing an additional 553 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in shares of Verona Pharma by 37.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 21,041 shares of the company’s stock worth $605,000 after purchasing an additional 5,691 shares during the last quarter. Diversify Advisory Services LLC bought a new position in shares of Verona Pharma in the third quarter worth about $169,000. Finally, Claro Advisors LLC purchased a new position in Verona Pharma in the 3rd quarter worth about $209,000. Hedge funds and other 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.