Verona Pharma (NASDAQ:VRNA) Shares Gap Up – Here’s Why

Verona Pharma plc (NASDAQ:VRNA) gapped up prior to trading on Tuesday . The stock had previously closed at $44.81, but opened at $46.33. Verona Pharma shares last traded at $44.73, with a volume of 395,072 shares trading hands.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Canaccord Genuity Group raised their price objective on Verona Pharma from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Wells Fargo & Company raised their price target on shares of Verona Pharma from $50.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. HC Wainwright upped their price objective on shares of Verona Pharma from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Truist Financial lifted their target price on shares of Verona Pharma from $38.00 to $44.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $43.83.

Verona Pharma Stock Performance

The company’s 50-day moving average is $40.32 and its two-hundred day moving average is $30.86. 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 $3.96 billion, a P/E ratio of -25.63 and a beta of 0.40.

Verona Pharma (NASDAQ:VRNA) last released its earnings results on Monday, November 4th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). The business had revenue of $5.62 million for the quarter, compared to analysts’ expectations of $2.31 million. During the same quarter last year, the firm posted ($0.18) EPS. Equities analysts predict that Verona Pharma plc will post -2.11 EPS for the current year.

Insider Buying and Selling at Verona Pharma

In related news, CFO Mark W. Hahn sold 116,696 shares of Verona Pharma stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $4.38, for a total value of $511,128.48. Following the completion of the transaction, the chief financial officer now directly owns 13,973,264 shares in the company, valued at approximately $61,202,896.32. The trade was a 0.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Zaccardelli sold 110,456 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $4.38, for a total value of $483,797.28. Following the sale, the chief executive officer now owns 14,894,464 shares in the company, valued at approximately $65,237,752.32. This represents a 0.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,094,432 shares of company stock valued at $9,748,833. Company insiders own 4.80% of the company’s stock.

Institutional Trading of Verona Pharma

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

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.