Verona Pharma (NASDAQ:VRNA) Reaches New 12-Month High – Still a Buy?

Verona Pharma plc (NASDAQ:VRNA) reached a new 52-week high on Monday . The stock traded as high as $44.44 and last traded at $43.47, with a volume of 136062 shares changing hands. The stock had previously closed at $42.02.

Analyst Upgrades and Downgrades

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

Verona Pharma Stock Performance

The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93. The firm’s fifty day moving average price is $37.72 and its 200-day moving average price is $28.40. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of -22.69 and a beta of 0.46.

Verona Pharma (NASDAQ:VRNA) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.12). The business had revenue of $5.62 million for the quarter, compared to the consensus estimate of $2.31 million. During the same period in the previous year, the company earned ($0.18) EPS. Analysts expect that Verona Pharma plc will post -2.11 earnings per share for the current year.

Insiders Place Their Bets

In other Verona Pharma news, CEO David Zaccardelli sold 162,800 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $5.01, for a total transaction of $815,628.00. Following the transaction, the chief executive officer now directly owns 14,204,752 shares of the company’s stock, valued at approximately $71,165,807.52. This trade represents a 1.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark W. Hahn sold 116,696 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $4.38, for a total transaction of $511,128.48. Following the completion of the sale, the chief financial officer now directly owns 13,973,264 shares of the company’s stock, valued at $61,202,896.32. The trade was a 0.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,094,432 shares of company stock valued at $9,748,833 over the last quarter. Company insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Verona Pharma

Hedge funds have recently modified their holdings of the stock. Legato Capital Management LLC purchased a new position in Verona Pharma during the 2nd quarter worth $154,000. EMC Capital Management acquired a new stake in Verona Pharma in the second quarter valued at about $38,000. Matisse Capital grew its stake in shares of Verona Pharma by 77.3% during the 2nd quarter. Matisse Capital now owns 34,400 shares of the company’s stock worth $497,000 after purchasing an additional 15,000 shares during the period. Verus Capital Partners LLC purchased a new stake in Verona Pharma during the second quarter worth about $251,000. Finally, TD Asset Management Inc acquired a new position in Verona Pharma during the second quarter worth about $1,758,000. 85.88% of the stock is owned by institutional investors and hedge funds.

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.