Verona Pharma (NASDAQ:VRNA) Sets New 12-Month High After Analyst Upgrade

Verona Pharma plc (NASDAQ:VRNA) hit a new 52-week high on Friday after Wells Fargo & Company raised their price target on the stock from $74.00 to $93.00. Wells Fargo & Company currently has an overweight rating on the stock. Verona Pharma traded as high as $69.80 and last traded at $67.12, with a volume of 2869930 shares. The stock had previously closed at $63.52.

VRNA has been the topic of a number of other research reports. Truist Financial reaffirmed a “buy” rating and issued a $57.00 target price (up previously from $44.00) on shares of Verona Pharma in a research report on Wednesday, January 8th. Roth Mkm began coverage on Verona Pharma in a research note on Friday, January 10th. They issued a “buy” rating and a $68.00 price target on the stock. Canaccord Genuity Group raised their price objective on shares of Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Roth Capital upgraded Verona Pharma to a “strong-buy” rating in a research note on Friday, January 10th. Finally, HC Wainwright boosted their target price on shares of Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Friday. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $66.83.

Insider Buying and Selling

In related news, CFO Mark W. Hahn sold 183,728 shares of Verona Pharma stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $5.01, for a total transaction of $920,477.28. Following the sale, the chief financial officer now directly owns 13,293,736 shares of the company’s stock, valued at approximately $66,601,617.36. The trade was a 1.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David Zaccardelli sold 67,608 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $5.00, for a total transaction of $338,040.00. Following the sale, the chief executive officer now directly owns 15,007,816 shares in the company, valued at approximately $75,039,080. The trade was a 0.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 477,120 shares of company stock worth $2,389,065. Company insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Verona Pharma

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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 worth $75,000 after purchasing an additional 529 shares during the period. Diversify Advisory Services LLC acquired a new position in Verona Pharma in the third quarter valued at $169,000. Rosalind Advisors Inc. grew its stake in Verona Pharma by 10.0% during the third quarter. Rosalind Advisors Inc. now owns 275,000 shares of the company’s stock worth $7,912,000 after purchasing an additional 25,000 shares during the period. Cahill Wealth Management LLC acquired a new stake in shares of Verona Pharma during the 3rd quarter worth approximately $223,000. Finally, Atria Investments Inc bought a new stake in Verona Pharma in the third quarter valued at $548,000. Institutional investors own 85.88% of the company’s stock.

Verona Pharma Stock Up 3.7 %

The firm’s fifty day moving average price is $55.05 and its two-hundred day moving average price is $41.08. 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 stock has a market cap of $5.60 billion, a price-to-earnings ratio of -36.27 and a beta of 0.41.

Verona Pharma Company Profile

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.