Verona Pharma (NASDAQ:VRNA) Shares Gap Down Following Insider Selling

Verona Pharma plc (NASDAQ:VRNA)’s stock price gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $65.36, but opened at $62.75. Verona Pharma shares last traded at $63.73, with a volume of 518,111 shares.

Specifically, insider Kathleen A. Rickard sold 79,264 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $8.35, for a total transaction of $661,854.40. Following the completion of the sale, the insider now owns 2,608,976 shares in the company, valued at $21,784,949.60. This represents a 2.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Ratings Changes

Several research firms have recently commented on VRNA. Truist Financial restated a “buy” rating and set a $57.00 price target (up previously from $44.00) on shares of Verona Pharma in a research note on Wednesday, January 8th. HC Wainwright upped their price objective on Verona Pharma from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Wells Fargo & Company upped their price objective on Verona Pharma from $74.00 to $93.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Canaccord Genuity Group upped their price objective on Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, Roth Capital set a $83.00 price objective on Verona Pharma in a report on Friday, February 28th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Verona Pharma has an average rating of “Buy” and a consensus price target of $69.14.

Verona Pharma Price Performance

The company has a quick ratio of 12.88, a current ratio of 13.03 and a debt-to-equity ratio of 0.93. The company has a market cap of $4.96 billion, a price-to-earnings ratio of -31.97 and a beta of 0.39. The company has a fifty day simple moving average of $58.78 and a two-hundred day simple moving average of $43.59.

Institutional Trading of Verona Pharma

Several large investors have recently bought and sold shares of the company. Vermillion Wealth Management Inc. acquired a new stake in Verona Pharma in the fourth quarter valued at $46,000. GF Fund Management CO. LTD. acquired a new stake in Verona Pharma in the fourth quarter valued at $72,000. Castleark Management LLC acquired a new stake in Verona Pharma in the fourth quarter valued at $8,631,000. Woodline Partners LP grew its holdings in Verona Pharma by 1.7% in the fourth quarter. Woodline Partners LP now owns 516,605 shares of the company’s stock valued at $23,991,000 after purchasing an additional 8,660 shares during the last quarter. Finally, Velan Capital Investment Management LP acquired a new stake in Verona Pharma in the fourth quarter valued at $2,322,000. Institutional investors and hedge funds own 85.88% of the company’s stock.

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.