Verona Pharma (NASDAQ:VRNA) Trading Down 2% – Here’s Why

Verona Pharma plc (NASDAQ:VRNA) dropped 2% during trading on Monday . The company traded as low as $63.79 and last traded at $65.48. Approximately 112,550 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,135,673 shares. The stock had previously closed at $66.81.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on VRNA. HC Wainwright raised their target price on Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a report on Friday, February 28th. Truist Financial reaffirmed a “buy” rating and issued a $57.00 price objective (up from $44.00) on shares of Verona Pharma in a research note on Wednesday, January 8th. Roth Mkm assumed coverage on Verona Pharma in a research note on Friday, January 10th. They set a “buy” rating and a $68.00 target price for the company. Wells Fargo & Company raised their price target on shares of Verona Pharma from $74.00 to $93.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Finally, Canaccord Genuity Group lifted their price target on shares of Verona Pharma from $44.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $69.14.

Verona Pharma Stock Down 1.7 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 13.03 and a quick ratio of 12.88. The stock has a 50-day moving average price of $60.73 and a 200-day moving average price of $45.19. The company has a market capitalization of $5.31 billion, a P/E ratio of -34.22 and a beta of 0.39.

Insider Buying and Selling at Verona Pharma

In related news, insider Kathleen A. Rickard sold 79,264 shares of the company’s 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 owns 2,608,976 shares in the company, valued at $21,784,949.60. This represents a 2.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.80% of the company’s stock.

Institutional Trading of Verona Pharma

Institutional investors and hedge funds have recently made changes to their positions in the company. Eventide Asset Management LLC increased its stake in shares of Verona Pharma by 359.6% during the 3rd quarter. Eventide Asset Management LLC now owns 2,425,846 shares of the company’s stock worth $69,792,000 after purchasing an additional 1,898,065 shares during the last quarter. RTW Investments LP purchased a new position in shares of Verona Pharma during the 4th quarter valued at $84,568,000. Wellington Management Group LLP grew its position 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 valued at $140,492,000 after purchasing an additional 1,146,609 shares in the last quarter. Maverick Capital Ltd. increased its holdings in shares of Verona Pharma by 36.3% in the third quarter. Maverick Capital Ltd. now owns 4,215,973 shares of the company’s stock worth $121,294,000 after purchasing an additional 1,123,166 shares during the period. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of Verona Pharma in the third quarter worth $31,966,000. 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.