Verona Pharma (NASDAQ:VRNA) Shares Down 4.8%

Verona Pharma plc (NASDAQ:VRNA) shares were down 4.8% during mid-day trading on Friday . The stock traded as low as $14.69 and last traded at $14.70. Approximately 650,965 shares traded hands during trading, a decline of 12% from the average daily volume of 737,891 shares. The stock had previously closed at $15.44.

Analyst Ratings Changes

Several equities analysts have issued reports on VRNA shares. HC Wainwright increased their price objective on shares of Verona Pharma from $32.00 to $36.00 and gave the company a “buy” rating in a report on Thursday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $35.00 price objective on shares of Verona Pharma in a report on Thursday. Piper Sandler increased their price objective on shares of Verona Pharma from $31.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Finally, Truist Financial raised their price target on shares of Verona Pharma from $32.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Verona Pharma currently has an average rating of “Buy” and a consensus target price of $35.60.

Verona Pharma Trading Down 6.3 %

The company’s 50 day moving average price is $14.07 and its two-hundred day moving average price is $16.13. The company has a debt-to-equity ratio of 0.22, a current ratio of 18.40 and a quick ratio of 18.40.

Verona Pharma (NASDAQ:VRNA) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.08). On average, research analysts anticipate that Verona Pharma plc will post -1.54 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Kathleen A. Rickard sold 36,248 shares of the firm’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 sale, the insider now directly owns 2,621,552 shares in the company, valued at $5,138,241.92. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 4.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Verona Pharma

Several hedge funds and other institutional investors have recently bought and sold shares of the company. First Turn Management LLC acquired a new stake in shares of Verona Pharma during the fourth quarter valued at about $23,981,000. Eventide Asset Management LLC increased its position in shares of Verona Pharma by 62.1% during the fourth quarter. Eventide Asset Management LLC now owns 1,377,781 shares of the company’s stock valued at $27,390,000 after acquiring an additional 527,781 shares during the last quarter. Bellevue Group AG increased its position in shares of Verona Pharma by 35.6% during the first quarter. Bellevue Group AG now owns 1,139,295 shares of the company’s stock valued at $18,331,000 after acquiring an additional 299,299 shares during the last quarter. American Century Companies Inc. acquired a new stake in shares of Verona Pharma during the third quarter valued at about $4,566,000. Finally, Affinity Asset Advisors LLC increased its position in shares of Verona Pharma by 45.1% during the first quarter. Affinity Asset Advisors LLC now owns 817,833 shares of the company’s stock valued at $13,159,000 after acquiring an additional 254,009 shares during the last quarter. 85.88% of the stock is currently owned by institutional investors and hedge funds.

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.