Investors Buy High Volume of Verona Pharma Put Options (NASDAQ:VRNA)

Verona Pharma plc (NASDAQ:VRNA) was the recipient of some unusual options trading on Monday. Investors bought 3,994 put options on the stock. This represents an increase of 120% compared to the typical daily volume of 1,816 put options.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on VRNA shares. Wells Fargo & Company lifted their price target on Verona Pharma from $64.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 8th. Roth Mkm began coverage on Verona Pharma in a research report on Friday, January 10th. They issued a “buy” rating and a $68.00 price objective on the stock. Canaccord Genuity Group lifted their price objective on Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Truist Financial reiterated a “buy” rating and issued a $57.00 price objective (up from $44.00) on shares of Verona Pharma in a research report on Wednesday, January 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $60.00 price objective (up from $42.00) on shares of Verona Pharma in a research report on Tuesday, January 21st. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $57.14.

Verona Pharma Stock Down 3.8 %

NASDAQ:VRNA traded down $2.55 during trading hours on Monday, reaching $65.41. 1,125,728 shares of the company traded hands, compared to its average volume of 1,490,273. The business’s 50-day moving average price is $52.64 and its two-hundred day moving average price is $39.73. The stock has a market capitalization of $5.35 billion, a P/E ratio of -34.08 and a beta of 0.41. Verona Pharma has a 1 year low of $11.39 and a 1 year high of $68.64. The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93.

Insider Activity

In related news, CEO David Zaccardelli sold 23,240 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $5.00, for a total transaction of $116,200.00. Following the completion of the sale, the chief executive officer now directly owns 15,177,512 shares in the company, valued at $75,887,560. This represents a 0.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark W. Hahn sold 12,936 shares of Verona Pharma stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $5.00, for a total value of $64,680.00. Following the completion of the transaction, the chief financial officer now directly owns 14,276,000 shares in the company, valued at $71,380,000. This trade represents a 0.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 710,888 shares of company stock worth $3,559,881. 4.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vermillion Wealth Management Inc. purchased a new position in Verona Pharma during the fourth quarter valued at $46,000. GF Fund Management CO. LTD. purchased a new position in shares of Verona Pharma in the fourth quarter worth $72,000. 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 worth $75,000 after purchasing an additional 276 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Verona Pharma by 25.4% in the third 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 during the last quarter. Finally, EMC Capital Management raised its stake 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 purchasing an additional 3,400 shares during the last quarter. 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.