Verona Pharma (NASDAQ:VRNA) Hits New 12-Month High – What’s Next?

Shares of Verona Pharma plc (NASDAQ:VRNA) hit a new 52-week high during trading on Monday . The stock traded as high as $94.45 and last traded at $92.70, with a volume of 974351 shares. The stock had previously closed at $92.20.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Cowen assumed coverage on shares of Verona Pharma in a report on Monday, April 28th. They issued a “buy” rating on the stock. TD Cowen started coverage on shares of Verona Pharma in a research note on Monday, April 28th. They issued a “buy” rating and a $100.00 target price on the stock. HC Wainwright upped their price target on shares of Verona Pharma from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, June 2nd. Wells Fargo & Company upped their price target on shares of Verona Pharma from $93.00 to $107.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 30th. Finally, Roth Capital set a $83.00 target price on shares of Verona Pharma in a research report on Friday, February 28th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Verona Pharma has a consensus rating of “Buy” and an average target price of $87.44.

Verona Pharma Price Performance

The stock has a market cap of $7.52 billion, a price-to-earnings ratio of -48.28 and a beta of 0.21. The stock’s 50 day moving average price is $71.08 and its two-hundred day moving average price is $60.55. The company has a quick ratio of 12.88, a current ratio of 13.03 and a debt-to-equity ratio of 0.93.

Verona Pharma (NASDAQ:VRNA) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.49. The business had revenue of $98.65 million during the quarter, compared to analyst estimates of $41.47 million. Equities research analysts forecast that Verona Pharma plc will post -1.95 EPS for the current fiscal year.

Insider Activity at Verona Pharma

In other Verona Pharma news, insider Kathleen A. Rickard sold 114,984 shares of the stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $8.82, for a total transaction of $1,014,158.88. Following the transaction, the insider now directly owns 2,546,472 shares of the company’s stock, valued at $22,459,883.04. This trade represents a 4.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Vikas Sinha sold 20,000 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $8.92, for a total transaction of $178,400.00. Following the transaction, the director now directly owns 74,440 shares in the company, valued at approximately $664,004.80. The trade was a 21.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,885,800 shares of company stock worth $19,134,481. 4.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Verona Pharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NBC Securities Inc. purchased a new position in Verona Pharma during the first quarter valued at $34,000. Geneos Wealth Management Inc. lifted its stake in shares of Verona Pharma by 44.2% in the first quarter. Geneos Wealth Management Inc. now owns 630 shares of the company’s stock worth $40,000 after buying an additional 193 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new position in shares of Verona Pharma in the fourth quarter worth about $46,000. Acadian Asset Management LLC purchased a new position in shares of Verona Pharma in the first quarter worth about $48,000. Finally, NewEdge Advisors LLC purchased a new position in shares of Verona Pharma in the first quarter worth about $58,000. 85.88% of the stock is owned by hedge funds and other institutional investors.

About Verona Pharma

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.