Verona Pharma (NASDAQ:VRNA) Stock Price Down 4.3% After Insider Selling

Verona Pharma plc (NASDAQ:VRNA) traded down 4.3% on Monday following insider selling activity. The stock traded as low as $14.87 and last traded at $15.02. 245,237 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 489,801 shares. The stock had previously closed at $15.69.

Specifically, 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 value of $71,046.08. Following the sale, 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 legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on VRNA. HC Wainwright restated a “buy” rating and set a $32.00 price target on shares of Verona Pharma in a research report on Monday, March 4th. Wedbush reissued an “outperform” rating and issued a $33.00 price objective on shares of Verona Pharma in a research note on Friday, March 1st. Finally, Piper Sandler raised their target price on Verona Pharma from $31.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $33.60.

Verona Pharma Stock Down 1.1 %

The firm’s 50-day moving average is $16.09 and its two-hundred day moving average is $16.21. The company has a debt-to-equity ratio of 0.20, a quick ratio of 33.33 and a current ratio of 33.33. The stock has a market cap of $1.20 billion, a P/E ratio of -21.43 and a beta of 0.43.

Verona Pharma (NASDAQ:VRNA) last released its earnings results on Thursday, February 29th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.07. On average, equities research analysts anticipate that Verona Pharma plc will post -1.32 earnings per share for the current year.

Institutional Trading of Verona Pharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VRNA. First Turn Management LLC acquired a new position in Verona Pharma during the 4th quarter valued at about $23,981,000. Eventide Asset Management LLC acquired a new stake in shares of Verona Pharma during the 3rd quarter worth approximately $13,855,000. Federated Hermes Inc. raised its stake in shares of Verona Pharma by 49.3% during the third quarter. Federated Hermes Inc. now owns 2,493,530 shares of the company’s stock worth $40,645,000 after buying an additional 822,832 shares during the last quarter. American Century Companies Inc. acquired a new position in Verona Pharma in the third quarter valued at approximately $4,566,000. Finally, Clearbridge Investments LLC bought a new position in Verona Pharma in the fourth quarter valued at approximately $4,949,000. 85.88% of the stock is currently owned by institutional investors and hedge funds.

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.