Verona Pharma (NASDAQ:VRNA) Shares Up 3.4% – Here’s What Happened

Shares of Verona Pharma plc (NASDAQ:VRNA) traded up 3.4% during mid-day trading on Tuesday . The stock traded as high as $36.14 and last traded at $36.14. 52,822 shares were traded during mid-day trading, a decline of 94% from the average session volume of 926,335 shares. The stock had previously closed at $34.94.

Analyst Upgrades and Downgrades

VRNA has been the subject of a number of research reports. Canaccord Genuity Group increased their target price on shares of Verona Pharma from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Wells Fargo & Company upped their price objective on shares of Verona Pharma from $50.00 to $64.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. HC Wainwright upped their price target on shares of Verona Pharma from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, Truist Financial boosted their price objective 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 analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $43.83.

Verona Pharma Trading Up 8.8 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 12.88 and a current ratio of 13.03. The firm has a 50-day moving average of $32.92 and a 200-day moving average of $23.87. The firm has a market capitalization of $3.04 billion, a P/E ratio of -19.46 and a beta of 0.42.

Verona Pharma (NASDAQ:VRNA) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). The company had revenue of $5.62 million for the quarter, compared to the consensus estimate of $2.31 million. During the same period in the prior year, the company earned ($0.18) EPS. On average, equities research analysts anticipate that Verona Pharma plc will post -2.11 EPS for the current fiscal year.

Insider Transactions at Verona Pharma

In related news, Director David R. Ebsworth acquired 39,360 shares of the stock in a transaction on Wednesday, November 6th. The stock was acquired at an average cost of $4.80 per share, for a total transaction of $188,928.00. Following the completion of the acquisition, the director now directly owns 920,003 shares of the company’s stock, valued at approximately $4,416,014.40. This represents a 4.47 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark W. Hahn sold 249,728 shares of Verona Pharma stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $4.38, for a total value of $1,093,808.64. Following the sale, the chief financial officer now directly owns 14,089,960 shares in the company, valued at approximately $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. Over the last ninety days, insiders sold 1,141,944 shares of company stock worth $5,004,952. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Verona Pharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in Verona Pharma by 70.6% during the third quarter. GAMMA Investing LLC now owns 1,336 shares of the company’s stock valued at $38,000 after buying an additional 553 shares during the last quarter. CWM LLC purchased a new stake in shares of Verona Pharma during the second quarter valued at approximately $29,000. EMC Capital Management bought a new stake in shares of Verona Pharma during the second quarter valued at approximately $38,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Verona Pharma by 25.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,610 shares of the company’s stock worth $75,000 after acquiring an additional 529 shares during the last quarter. Finally, Diversify Advisory Services LLC bought a new position in Verona Pharma in the 3rd quarter valued at approximately $169,000. 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.