Verona Pharma (NASDAQ:VRNA) Shares Gap Down After Earnings Miss

Shares of Verona Pharma plc (NASDAQ:VRNA) gapped down prior to trading on Monday following a dissappointing earnings announcement. The stock had previously closed at $34.98, but opened at $33.55. Verona Pharma shares last traded at $34.62, with a volume of 413,033 shares traded.

The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.12). The firm had revenue of $5.62 million for the quarter, compared to analyst estimates of $2.31 million. During the same quarter in the prior year, the company posted ($0.18) EPS.

Analyst Upgrades and Downgrades

Several equities analysts have commented on VRNA shares. Truist Financial increased their price target on Verona Pharma from $38.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. HC Wainwright raised their price objective on shares of Verona Pharma from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday. Canaccord Genuity Group raised their price target on shares of Verona Pharma from $37.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Wells Fargo & Company upped their price objective on Verona Pharma from $50.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $43.83.

Insider Buying and Selling at Verona Pharma

In other news, CEO David Zaccardelli sold 110,456 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $4.38, for a total value of $483,797.28. Following the transaction, the chief executive officer now owns 14,894,464 shares of the company’s stock, valued at approximately $65,237,752.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Mark W. Hahn sold 80,784 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $4.39, for a total transaction of $354,641.76. Following the completion of the transaction, the chief financial officer now directly owns 14,293,736 shares of the company’s stock, valued at $62,749,501.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Zaccardelli sold 110,456 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $4.38, for a total transaction of $483,797.28. Following the completion of the sale, the chief executive officer now directly owns 14,894,464 shares in the company, valued at approximately $65,237,752.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,139,544 shares of company stock worth $4,992,952. Insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Verona Pharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP acquired a new stake in shares of Verona Pharma in the third quarter valued at about $849,000. Crossmark Global Holdings Inc. acquired a new stake in Verona Pharma during the 3rd quarter valued at $465,000. Atria Investments Inc acquired a new stake in Verona Pharma during the third quarter worth approximately $548,000. Cahill Wealth Management LLC acquired a new position in Verona Pharma in the 3rd quarter valued at $223,000. Finally, Rosalind Advisors Inc. boosted its position in shares of Verona Pharma by 10.0% in the third quarter. Rosalind Advisors Inc. now owns 275,000 shares of the company’s stock valued at $7,912,000 after acquiring an additional 25,000 shares during the period. 85.88% of the stock is currently owned by institutional investors and hedge funds.

Verona Pharma Price Performance

The company has a quick ratio of 8.61, a current ratio of 8.61 and a debt-to-equity ratio of 0.72. The company’s 50 day moving average is $31.07 and its 200 day moving average is $22.49. The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of -19.99 and a beta of 0.42.

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.