Verona Pharma (NASDAQ:VRNA) Sets New 12-Month High on Analyst Upgrade

Shares of Verona Pharma plc (NASDAQ:VRNA) reached a new 52-week high on Friday after Wells Fargo & Company raised their price target on the stock from $74.00 to $93.00. Wells Fargo & Company currently has an overweight rating on the stock. Verona Pharma traded as high as $69.80 and last traded at $67.12, with a volume of 2869930 shares traded. The stock had previously closed at $63.52.

A number of other brokerages have also recently commented on VRNA. Roth Capital upgraded shares of Verona Pharma to a “strong-buy” rating in a research report on Friday, January 10th. Canaccord Genuity Group increased their price target on shares of Verona Pharma from $44.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. HC Wainwright increased their price target on shares of Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Friday. Roth Mkm started coverage on shares of Verona Pharma in a research report on Friday, January 10th. They set a “buy” rating and a $68.00 price target on the stock. Finally, Truist Financial reissued a “buy” rating and set a $57.00 price objective (up previously from $44.00) on shares of Verona Pharma in a research note on Wednesday, January 8th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $62.00.

Insider Buying and Selling

In related news, CEO David Zaccardelli sold 162,800 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $5.01, for a total value of $815,628.00. Following the completion of the sale, the chief executive officer now owns 14,204,752 shares of the company’s stock, valued at $71,165,807.52. This trade represents a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark W. Hahn sold 183,728 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $5.01, for a total value of $920,477.28. Following the completion of the sale, the chief financial officer now directly owns 13,293,736 shares of the company’s stock, valued at $66,601,617.36. The trade was a 1.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 477,120 shares of company stock valued at $2,389,065 over the last quarter. 4.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Verona Pharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Maverick Capital Ltd. boosted its holdings in shares of Verona Pharma by 36.3% during the 3rd quarter. Maverick Capital Ltd. now owns 4,215,973 shares of the company’s stock valued at $121,294,000 after buying an additional 1,123,166 shares in the last quarter. Frazier Life Sciences Management L.P. boosted its holdings in shares of Verona Pharma by 2.1% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 3,383,950 shares of the company’s stock valued at $97,356,000 after buying an additional 69,601 shares in the last quarter. Wellington Management Group LLP boosted its holdings 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 buying an additional 1,146,609 shares in the last quarter. Eventide Asset Management LLC boosted its holdings 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 valued at $69,792,000 after buying an additional 1,898,065 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in shares of Verona Pharma by 8.5% during the 4th quarter. Jennison Associates LLC now owns 1,889,542 shares of the company’s stock valued at $87,750,000 after buying an additional 148,656 shares in the last quarter. Hedge funds and other institutional investors own 85.88% of the company’s stock.

Verona Pharma Trading Up 3.7 %

The stock has a market cap of $5.60 billion, a P/E ratio of -36.27 and a beta of 0.41. 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’s fifty day moving average price is $55.05 and its 200 day moving average price is $40.98.

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.