Verona Pharma (NASDAQ:VRNA) Shares Down 11.3% – What’s Next?

Verona Pharma plc (NASDAQ:VRNA)’s stock price was down 11.3% on Monday . The stock traded as low as $47.59 and last traded at $47.80. Approximately 420,376 shares traded hands during trading, a decline of 64% from the average daily volume of 1,176,591 shares. The stock had previously closed at $53.90.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on VRNA shares. Roth Mkm initiated coverage on shares of Verona Pharma in a research report on Friday, January 10th. They issued a “buy” rating and a $68.00 target price on the stock. Truist Financial reaffirmed a “buy” rating and set a $57.00 price objective (up previously from $44.00) on shares of Verona Pharma in a report on Wednesday, January 8th. Wells Fargo & Company raised their target price on shares of Verona Pharma from $74.00 to $93.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Canaccord Genuity Group increased their price target on shares of Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Finally, HC Wainwright lifted their price objective on shares of Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Six investment 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 target price of $69.14.

Verona Pharma Trading Up 0.7 %

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 business’s fifty day moving average is $62.70 and its 200 day moving average is $47.52. The stock has a market cap of $4.39 billion, a PE ratio of -28.28 and a beta of 0.16.

Insider Buying and Selling

In related news, insider Kathleen A. Rickard sold 79,264 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $8.35, for a total value of $661,854.40. Following the sale, the insider now directly owns 2,608,976 shares of the company’s stock, valued at approximately $21,784,949.60. This represents a 2.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.80% of the stock is currently owned by insiders.

Institutional Trading of Verona Pharma

Several institutional investors and hedge funds have recently modified their holdings of the business. Vermillion Wealth Management Inc. acquired a new position in shares of Verona Pharma during the 4th quarter worth approximately $46,000. GF Fund Management CO. LTD. purchased a new position in Verona Pharma during the fourth quarter worth $72,000. GAMMA Investing LLC raised its holdings 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 worth $75,000 after acquiring an additional 276 shares during the last quarter. EMC Capital Management raised its holdings in shares of Verona Pharma by 3,400.0% in the fourth quarter. EMC Capital Management now owns 3,500 shares of the company’s stock worth $163,000 after acquiring an additional 3,400 shares during the last quarter. Finally, Wrapmanager Inc. purchased a new stake in shares of Verona Pharma in the fourth quarter valued at $207,000. Hedge funds and other institutional investors own 85.88% of the company’s stock.

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.