Verona Pharma (NASDAQ:VRNA) Trading Up 5.8% – Here’s Why

Shares of Verona Pharma plc (NASDAQ:VRNA) shot up 5.8% on Wednesday . The stock traded as high as $66.93 and last traded at $66.32. 111,899 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 1,513,236 shares. The stock had previously closed at $62.70.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. HC Wainwright boosted their price target on shares of Verona Pharma from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Roth Capital set a $83.00 price target on Verona Pharma in a report on Friday, February 28th. Truist Financial reiterated a “buy” rating and set a $57.00 price objective (up from $44.00) on shares of Verona Pharma in a research note on Wednesday, January 8th. Roth Mkm initiated coverage on Verona Pharma in a report on Friday, January 10th. They issued a “buy” rating and a $68.00 price target on the stock. Finally, Canaccord Genuity Group lifted their price objective on Verona Pharma from $44.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $69.14.

Verona Pharma Stock Up 8.4 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 13.03 and a quick ratio of 12.88. The stock has a market capitalization of $5.49 billion, a P/E ratio of -35.32 and a beta of 0.39. The firm has a 50-day simple moving average of $57.72 and a 200 day simple moving average of $43.03.

Institutional Investors Weigh In On Verona Pharma

Several institutional investors and hedge funds have recently made changes to their positions in VRNA. Vermillion Wealth Management Inc. acquired a new stake in shares of Verona Pharma in the fourth quarter valued at about $46,000. GF Fund Management CO. LTD. acquired a new stake in shares of Verona Pharma in the fourth quarter valued at about $72,000. GAMMA Investing LLC increased its stake in shares of Verona Pharma by 20.7% in the fourth quarter. GAMMA Investing LLC now owns 1,612 shares of the company’s stock valued at $75,000 after buying an additional 276 shares during the period. EMC Capital Management increased its stake in shares of Verona Pharma by 3,400.0% in the fourth quarter. EMC Capital Management now owns 3,500 shares of the company’s stock valued at $163,000 after buying an additional 3,400 shares during the period. Finally, Wrapmanager Inc. acquired a new stake in Verona Pharma during the fourth quarter worth approximately $207,000. Institutional investors and hedge funds own 85.88% of the company’s stock.

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.