Franklin Resources Inc. Raises Position in Verona Pharma plc (NASDAQ:VRNA)

Franklin Resources Inc. boosted its stake in shares of Verona Pharma plc (NASDAQ:VRNA) by 41.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 791,104 shares of the company’s stock after buying an additional 231,376 shares during the period. Franklin Resources Inc. owned approximately 0.99% of Verona Pharma worth $36,739,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of VRNA. GAMMA Investing LLC raised its stake in shares of Verona Pharma by 20.7% in the fourth quarter. GAMMA Investing LLC now owns 1,612 shares of the company’s stock valued at $75,000 after acquiring an additional 276 shares during the period. EMC Capital Management raised its position in Verona Pharma by 3,400.0% in the 4th quarter. EMC Capital Management now owns 3,500 shares of the company’s stock worth $163,000 after purchasing an additional 3,400 shares during the period. Wrapmanager Inc. bought a new stake in Verona Pharma in the fourth quarter worth about $207,000. Sanctuary Advisors LLC bought a new position in shares of Verona Pharma during the third quarter valued at approximately $219,000. Finally, Transcend Capital Advisors LLC purchased a new stake in shares of Verona Pharma in the fourth quarter worth approximately $225,000. Hedge funds and other institutional investors own 85.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on VRNA. HC Wainwright upped their price objective on Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Roth Capital set a $83.00 price target on shares of Verona Pharma in a research note on Friday, February 28th. Wells Fargo & Company boosted their price objective on shares of Verona Pharma from $74.00 to $93.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Roth Mkm initiated coverage on shares of Verona Pharma in a research note on Friday, January 10th. They issued a “buy” rating and a $68.00 target price on the stock. Finally, Truist Financial reaffirmed 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. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $69.14.

Insider Buying and Selling

In related news, insider Kathleen A. Rickard sold 79,264 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $8.35, for a total transaction of $661,854.40. Following the sale, the insider now owns 2,608,976 shares of the company’s stock, valued at $21,784,949.60. This trade represents a 2.95 % 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. 4.80% of the stock is currently owned by insiders.

Verona Pharma Trading Down 7.2 %

NASDAQ:VRNA opened at $53.90 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 12.88 and a current ratio of 13.03. The firm has a 50-day simple moving average of $62.70 and a 200-day simple moving average of $47.40. Verona Pharma plc has a one year low of $11.39 and a one year high of $70.40. The firm has a market cap of $4.36 billion, a P/E ratio of -28.07 and a beta of 0.16.

Verona Pharma 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.