Verona Pharma (NASDAQ:VRNA) Shares Down 2% – Should You Sell?

Verona Pharma plc (NASDAQ:VRNA)’s share price dropped 2% during mid-day trading on Monday . The stock 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.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on VRNA. Truist Financial restated a “buy” rating and issued a $57.00 price objective (up previously from $44.00) on shares of Verona Pharma in a report on Wednesday, January 8th. HC Wainwright increased their price objective on Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Canaccord Genuity Group increased their price target on Verona Pharma from $44.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Wells Fargo & Company lifted their price target on Verona Pharma from $74.00 to $93.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. Finally, Roth Capital set a $83.00 target price on shares of Verona Pharma in a report on Friday, February 28th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $69.14.

Verona Pharma Price 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 stock has a market capitalization of $5.31 billion, a P/E ratio of -34.22 and a beta of 0.39. The company has a fifty day simple moving average of $60.73 and a two-hundred day simple moving average of $45.19.

Insider Activity at Verona Pharma

In other news, insider Kathleen A. Rickard sold 79,264 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $8.35, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available at this link. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Verona Pharma

Hedge funds and other institutional investors have recently bought and sold shares of the business. Loomis Sayles & Co. L P bought a new position in shares of Verona Pharma during the 3rd quarter worth approximately $31,966,000. The Manufacturers Life Insurance Company boosted its position in Verona Pharma by 77.0% during the third quarter. The Manufacturers Life Insurance Company now owns 105,159 shares of the company’s stock worth $3,025,000 after purchasing an additional 45,741 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Verona Pharma by 176.5% in the third quarter. BNP Paribas Financial Markets now owns 60,211 shares of the company’s stock valued at $1,732,000 after purchasing an additional 38,434 shares during the last quarter. Townsquare Capital LLC bought a new position in shares of Verona Pharma in the third quarter valued at about $507,000. Finally, Walleye Capital LLC acquired a new stake in shares of Verona Pharma during the 3rd quarter worth about $1,859,000. Institutional investors own 85.88% of the company’s stock.

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.