Verona Pharma (NASDAQ:VRNA) Sets New 1-Year High – Here’s Why

Verona Pharma plc (NASDAQ:VRNA)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $55.91 and last traded at $55.36, with a volume of 712009 shares. The stock had previously closed at $53.50.

Wall Street Analyst Weigh In

VRNA has been the topic of a number of recent research reports. Canaccord Genuity Group upped their price objective on shares of Verona Pharma from $37.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Roth Mkm started coverage on Verona Pharma in a research note on Friday, January 10th. They set a “buy” rating and a $68.00 price objective for the company. Wells Fargo & Company raised their price target on Verona Pharma from $64.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday, January 8th. Roth Capital upgraded shares of Verona Pharma to a “strong-buy” rating in a research note on Friday, January 10th. Finally, HC Wainwright reiterated a “buy” rating and set a $60.00 price target (up previously from $42.00) on shares of Verona Pharma in a report on Tuesday. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Verona Pharma has a consensus rating of “Buy” and an average price target of $53.14.

Verona Pharma Stock Performance

The company has a market cap of $4.47 billion, a PE ratio of -28.65 and a beta of 0.40. 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 business has a 50-day moving average of $43.79 and a 200 day moving average of $33.79.

Verona Pharma (NASDAQ:VRNA) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.56) earnings per share (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 quarter last year, the firm posted ($0.18) earnings per share. Equities research analysts anticipate that Verona Pharma plc will post -1.95 EPS for the current fiscal year.

Insider Buying and Selling at Verona Pharma

In other news, CFO Mark W. Hahn sold 48,888 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $4.38, for a total transaction of $214,129.44. Following the sale, the chief financial officer now directly owns 14,374,520 shares in the company, valued at $62,960,397.60. This trade represents a 0.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Zaccardelli sold 46,888 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $4.38, for a total transaction of $205,369.44. Following the completion of the transaction, the chief executive officer now directly owns 15,298,896 shares of the company’s stock, valued at $67,009,164.48. This represents a 0.31 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,225,592 shares of company stock valued at $5,943,314. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Verona Pharma

Several institutional investors have recently bought and sold shares of VRNA. Eventide Asset Management LLC lifted its stake in shares of Verona Pharma by 359.6% in the 3rd quarter. Eventide Asset Management LLC now owns 2,425,846 shares of the company’s stock valued at $69,792,000 after purchasing an additional 1,898,065 shares during the last quarter. Maverick Capital Ltd. lifted its position in Verona Pharma by 74.2% in the second quarter. Maverick Capital Ltd. now owns 3,092,807 shares of the company’s stock worth $44,722,000 after buying an additional 1,316,998 shares during the last quarter. Loomis Sayles & Co. L P purchased a new position in Verona Pharma during the third quarter worth $31,966,000. Jennison Associates LLC increased its position in Verona Pharma by 54.3% during the third quarter. Jennison Associates LLC now owns 1,740,886 shares of the company’s stock valued at $50,085,000 after acquiring an additional 612,854 shares during the last quarter. Finally, First Turn Management LLC purchased a new stake in shares of Verona Pharma in the third quarter valued at $16,483,000. 85.88% of the stock is owned by hedge funds and other institutional investors.

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.