Verona Pharma (NASDAQ:VRNA) Sets New 52-Week High Following Analyst Upgrade

Verona Pharma plc (NASDAQ:VRNA) shares reached a new 52-week high on Monday after HC Wainwright raised their price target on the stock from $85.00 to $90.00. HC Wainwright currently has a buy rating on the stock. Verona Pharma traded as high as $83.41 and last traded at $82.46, with a volume of 156569 shares changing hands. The stock had previously closed at $81.20.

A number of other analysts have also commented on the company. TD Cowen assumed coverage on Verona Pharma in a report on Monday, April 28th. They set a “buy” rating and a $100.00 price objective for the company. Cantor Fitzgerald began coverage on Verona Pharma in a report on Monday, April 21st. They set an “overweight” rating and a $80.00 price target for the company. Cowen assumed coverage on Verona Pharma in a research report on Monday, April 28th. They issued a “buy” rating for the company. Canaccord Genuity Group lifted their price objective on shares of Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company upped their target price on shares of Verona Pharma from $93.00 to $107.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 30th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $82.13.

Insider Transactions at Verona Pharma

In other Verona Pharma news, CEO David Zaccardelli sold 208,696 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $9.33, for a total transaction of $1,947,133.68. Following the completion of the transaction, the chief executive officer now owns 13,590,168 shares in the company, valued at $126,796,267.44. This trade represents a 1.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark W. Hahn sold 204,864 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $9.33, for a total transaction of $1,911,381.12. Following the completion of the sale, the chief financial officer now directly owns 12,678,992 shares in the company, valued at approximately $118,294,995.36. The trade was a 1.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,165,064 shares of company stock worth $10,676,335 in the last ninety days. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Verona Pharma

Institutional investors have recently bought and sold shares of the stock. RTW Investments LP purchased a new position in Verona Pharma in the 4th quarter worth about $84,568,000. Adage Capital Partners GP L.L.C. raised its position in Verona Pharma by 381.9% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,631,000 shares of the company’s stock worth $103,552,000 after acquiring an additional 1,292,575 shares during the period. Wellington Management Group LLP boosted its stake in shares of Verona Pharma by 61.0% during the 4th quarter. Wellington Management Group LLP now owns 3,025,241 shares of the company’s stock worth $140,492,000 after acquiring an additional 1,146,609 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of Verona Pharma during the 1st quarter worth $58,716,000. Finally, Darwin Global Management Ltd. purchased a new position in shares of Verona Pharma during the 4th quarter valued at about $37,637,000. 85.88% of the stock is owned by institutional investors.

Verona Pharma Price Performance

The firm’s fifty day simple moving average is $66.39 and its two-hundred day simple moving average is $57.68. 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 firm has a market cap of $6.88 billion, a PE ratio of -44.17 and a beta of 0.20.

Verona Pharma (NASDAQ:VRNA) last released its earnings results on Tuesday, April 29th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.49. The business had revenue of $98.65 million for the quarter, compared to analysts’ expectations of $41.47 million. As a group, research analysts expect that Verona Pharma plc will post -1.95 EPS for the current year.

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.