Verona Pharma (NASDAQ:VRNA) Sets New 12-Month High on Analyst Upgrade

Verona Pharma plc (NASDAQ:VRNA) shares reached a new 52-week high during mid-day trading on Friday after Wells Fargo & Company raised their price target on the stock from $74.00 to $93.00. Wells Fargo & Company currently has an overweight rating on the stock. Verona Pharma traded as high as $69.80 and last traded at $67.12, with a volume of 2869930 shares traded. The stock had previously closed at $63.52.

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

Insider Activity

In related news, CEO David Zaccardelli sold 67,608 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $5.00, for a total transaction of $338,040.00. Following the completion of the transaction, the chief executive officer now directly owns 15,007,816 shares in the company, valued at approximately $75,039,080. The trade was a 0.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark W. Hahn sold 58,184 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $5.00, for a total value of $290,920.00. Following the transaction, the chief financial officer now owns 14,117,512 shares of the company’s stock, valued at approximately $70,587,560. This trade represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 477,120 shares of company stock valued at $2,389,065 in the last quarter. 4.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Vermillion Wealth Management Inc. bought a new position in shares of Verona Pharma during the 4th quarter valued at approximately $46,000. GF Fund Management CO. LTD. bought a new position in Verona Pharma in the 4th quarter worth approximately $72,000. Castleark Management LLC bought a new position in Verona Pharma in the 4th quarter worth approximately $8,631,000. Woodline Partners LP boosted its stake in Verona Pharma by 1.7% in the 4th quarter. Woodline Partners LP now owns 516,605 shares of the company’s stock worth $23,991,000 after purchasing an additional 8,660 shares during the period. Finally, Velan Capital Investment Management LP bought a new position in Verona Pharma in the 4th quarter worth approximately $2,322,000. 85.88% of the stock is currently owned by institutional investors.

Verona Pharma Stock Up 3.7 %

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 capitalization of $5.60 billion, a P/E ratio of -36.27 and a beta of 0.41. The company has a 50 day simple moving average of $55.05 and a two-hundred day simple moving average of $40.98.

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.