Legato Capital Management LLC Purchases 14,183 Shares of Verona Pharma plc (NASDAQ:VRNA)

Legato Capital Management LLC lifted its position in shares of Verona Pharma plc (NASDAQ:VRNA) by 132.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,853 shares of the company’s stock after purchasing an additional 14,183 shares during the period. Legato Capital Management LLC’s holdings in Verona Pharma were worth $1,154,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in Verona Pharma by 70.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,336 shares of the company’s stock valued at $38,000 after buying an additional 553 shares in the last quarter. Claro Advisors LLC bought a new stake in shares of Verona Pharma in the third quarter valued at about $209,000. Hennion & Walsh Asset Management Inc. grew its stake in shares of Verona Pharma by 14.9% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 155,835 shares of the company’s stock valued at $4,483,000 after acquiring an additional 20,206 shares in the last quarter. Values First Advisors Inc. bought a new position in Verona Pharma during the third quarter worth about $494,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Verona Pharma by 25.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,610 shares of the company’s stock worth $75,000 after purchasing an additional 529 shares in the last quarter. 85.88% of the stock is owned by institutional investors and hedge funds.

Verona Pharma Trading Up 5.7 %

Shares of VRNA stock opened at $62.70 on Thursday. Verona Pharma plc has a fifty-two week low of $11.39 and a fifty-two week high of $63.50. The stock’s fifty day moving average price is $48.79 and its two-hundred day moving average price is $37.32. The company has a quick ratio of 12.88, a current ratio of 13.03 and a debt-to-equity ratio of 0.93.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on VRNA. Canaccord Genuity Group increased their target price on shares of Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company increased their price target on Verona Pharma from $64.00 to $74.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 8th. Roth Capital raised Verona Pharma to a “strong-buy” rating in a report on Friday, January 10th. Roth Mkm initiated coverage on Verona Pharma in a report on Friday, January 10th. They set a “buy” rating and a $68.00 target price on the stock. Finally, Truist Financial restated a “buy” rating and issued a $57.00 price target (up previously from $44.00) on shares of Verona Pharma in a research report on Wednesday, January 8th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Verona Pharma presently has an average rating of “Buy” and a consensus price target of $57.14.

Insider Activity at Verona Pharma

In other Verona Pharma news, insider Kathleen A. Rickard sold 240,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $4.90, for a total value of $1,176,000.00. Following the sale, the insider now owns 2,671,480 shares in the company, valued at $13,090,252. This trade represents a 8.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO David Zaccardelli sold 23,240 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $5.00, for a total transaction of $116,200.00. Following the sale, the chief executive officer now directly owns 15,177,512 shares in the company, valued at approximately $75,887,560. The trade was a 0.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 952,488 shares of company stock valued at $4,743,881 over the last ninety days. 4.80% of the stock is owned by corporate insiders.

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.