Verona Pharma’s (VRNA) “Buy” Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Verona Pharma (NASDAQ:VRNA) in a report issued on Thursday morning, Benzinga reports. They currently have a $35.00 price objective on the stock.

Other analysts also recently issued reports about the company. Wedbush restated an outperform rating and issued a $33.00 price objective on shares of Verona Pharma in a research report on Friday, March 1st. HC Wainwright upped their target price on shares of Verona Pharma from $32.00 to $36.00 and gave the company a buy rating in a report on Thursday. Finally, Piper Sandler lifted their price target on shares of Verona Pharma from $31.00 to $36.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. Four analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of Buy and an average target price of $35.00.

Verona Pharma Price Performance

NASDAQ:VRNA opened at $15.44 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 18.40 and a current ratio of 18.40. The firm has a 50-day moving average price of $14.10 and a two-hundred day moving average price of $16.11. Verona Pharma has a twelve month low of $11.39 and a twelve month high of $23.07.

Verona Pharma (NASDAQ:VRNA) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.08). Analysts expect that Verona Pharma will post -1.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kathleen A. Rickard sold 36,248 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $1.96, for a total transaction of $71,046.08. Following the completion of the transaction, the insider now owns 2,621,552 shares of the company’s stock, valued at approximately $5,138,241.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 4.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Verona Pharma

A number of institutional investors have recently bought and sold shares of the stock. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Verona Pharma by 95.1% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 426,931 shares of the company’s stock valued at $6,959,000 after purchasing an additional 208,100 shares during the last quarter. Parkman Healthcare Partners LLC grew its position in Verona Pharma by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 504,742 shares of the company’s stock valued at $10,034,000 after acquiring an additional 86,809 shares during the period. Affinity Asset Advisors LLC increased its stake in Verona Pharma by 53.1% during the fourth quarter. Affinity Asset Advisors LLC now owns 563,824 shares of the company’s stock worth $11,209,000 after acquiring an additional 195,495 shares during the last quarter. First Turn Management LLC purchased a new position in shares of Verona Pharma in the 4th quarter worth about $23,981,000. Finally, Wellington Management Group LLP lifted its stake in shares of Verona Pharma by 3.8% in the 3rd quarter. Wellington Management Group LLP now owns 4,467,571 shares of the company’s stock valued at $72,821,000 after purchasing an additional 164,268 shares in the last quarter. 85.88% of the stock is currently 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.