Wells Fargo & Company Issues Positive Forecast for Verona Pharma (NASDAQ:VRNA) Stock Price

Verona Pharma (NASDAQ:VRNA) had its price objective hoisted by research analysts at Wells Fargo & Company from $74.00 to $93.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 36.73% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Roth Capital raised shares of Verona Pharma to a “strong-buy” rating in a report on Friday, January 10th. HC Wainwright boosted their price target on Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday. Roth Mkm began coverage on Verona Pharma in a research note on Friday, January 10th. They issued a “buy” rating and a $68.00 price objective for the company. Truist Financial reaffirmed a “buy” rating and set a $57.00 target price (up previously from $44.00) on shares of Verona Pharma in a report on Wednesday, January 8th. Finally, Canaccord Genuity Group increased their price target on shares of Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $62.00.

Verona Pharma Stock Performance

NASDAQ:VRNA traded up $0.90 during trading hours on Friday, hitting $68.02. 509,374 shares of the company were exchanged, compared to its average volume of 1,571,422. The company has a debt-to-equity ratio of 0.93, a current ratio of 13.03 and a quick ratio of 12.88. Verona Pharma has a 52-week low of $11.39 and a 52-week high of $69.80. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of -35.26 and a beta of 0.41. The company’s 50 day moving average price is $54.50 and its 200-day moving average price is $40.66.

Insider Buying and Selling

In related news, CFO Mark W. Hahn sold 183,728 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $5.01, for a total value of $920,477.28. Following the completion of the transaction, the chief financial officer now directly owns 13,293,736 shares in the company, valued at $66,601,617.36. The trade was a 1.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David Zaccardelli sold 67,608 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $5.00, for a total transaction of $338,040.00. Following the sale, the chief executive officer now owns 15,007,816 shares in the company, valued at approximately $75,039,080. This represents a 0.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 477,120 shares of company stock valued at $2,389,065 over the last ninety days. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Verona Pharma

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VRNA. GAMMA Investing LLC increased its stake in shares of Verona Pharma by 20.7% during the fourth quarter. GAMMA Investing LLC now owns 1,612 shares of the company’s stock worth $75,000 after purchasing an additional 276 shares in the last quarter. Diversify Advisory Services LLC boosted its holdings in Verona Pharma by 5.2% in the 4th quarter. Diversify Advisory Services LLC now owns 6,166 shares of the company’s stock worth $279,000 after buying an additional 305 shares during the last quarter. Townsquare Capital LLC increased its stake in Verona Pharma by 1.9% during the 4th quarter. Townsquare Capital LLC now owns 17,958 shares of the company’s stock worth $834,000 after buying an additional 332 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Verona Pharma by 25.4% during the 3rd 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 in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Verona Pharma by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 62,741 shares of the company’s stock valued at $2,914,000 after acquiring an additional 660 shares during the last quarter. 85.88% of the stock is owned by hedge funds and other institutional investors.

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.