Geode Capital Management LLC Has $1.79 Million Stock Position in Verona Pharma plc (NASDAQ:VRNA)

Geode Capital Management LLC lowered its position in shares of Verona Pharma plc (NASDAQ:VRNA) by 5.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,081 shares of the company’s stock after selling 3,863 shares during the quarter. Geode Capital Management LLC owned 0.08% of Verona Pharma worth $1,786,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in shares of Verona Pharma by 70.6% in the third quarter. GAMMA Investing LLC now owns 1,336 shares of the company’s stock valued at $38,000 after purchasing an additional 553 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Verona Pharma by 25.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,610 shares of the company’s stock valued at $75,000 after buying an additional 529 shares during the period. Diversify Advisory Services LLC purchased a new stake in Verona Pharma in the 3rd quarter worth about $169,000. Marshall Wace LLP acquired a new stake in Verona Pharma during the 2nd quarter worth about $195,000. Finally, Claro Advisors LLC purchased a new position in Verona Pharma during the 3rd quarter valued at about $209,000. Hedge funds and other institutional investors own 85.88% of the company’s stock.

Verona Pharma Stock Down 6.8 %

Verona Pharma stock opened at $46.20 on Thursday. The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93. Verona Pharma plc has a 1-year low of $11.39 and a 1-year high of $51.80. The firm’s fifty day simple moving average is $40.88 and its 200-day simple moving average is $31.21. The company has a market capitalization of $3.72 billion, a P/E ratio of -24.06 and a beta of 0.40.

Verona Pharma (NASDAQ:VRNA) last posted its earnings results on Monday, November 4th. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.12). The business had revenue of $5.62 million during the quarter, compared to the consensus estimate of $2.31 million. During the same quarter in the prior year, the business posted ($0.18) EPS. Sell-side analysts forecast that Verona Pharma plc will post -2.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on VRNA. Wells Fargo & Company raised their price target on shares of Verona Pharma from $64.00 to $74.00 and gave the stock an “overweight” rating in a report on Wednesday. HC Wainwright lifted their target price 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. Truist Financial reaffirmed a “buy” rating and issued a $57.00 price target (up from $44.00) on shares of Verona Pharma in a research note on Wednesday. Finally, Canaccord Genuity Group lifted their price objective on Verona Pharma from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $47.67.

Insider Buying and Selling

In related news, CFO Mark W. Hahn sold 183,728 shares of Verona Pharma stock in a transaction on Friday, December 6th. The shares were sold at an average price of $5.01, for a total value of $920,477.28. Following the transaction, the chief financial officer now owns 13,293,736 shares in the company, valued at $66,601,617.36. This trade represents a 1.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David Zaccardelli sold 110,456 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $4.38, for a total transaction of $483,797.28. Following the sale, the chief executive officer now owns 14,894,464 shares of the company’s stock, valued at $65,237,752.32. This trade represents a 0.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,094,432 shares of company stock worth $9,748,833. 4.80% of the stock is currently owned by insiders.

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.