Verona Pharma plc (NASDAQ:VRNA) Receives Average Recommendation of “Buy” from Analysts

Verona Pharma plc (NASDAQ:VRNA) has earned an average rating of “Buy” from the seven brokerages that are presently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $69.14.

A number of research analysts have commented on the company. Roth Capital set a $83.00 price target on Verona Pharma in a research note on Friday, February 28th. 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 for the company. Wells Fargo & Company lifted their target price on Verona Pharma from $74.00 to $93.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. HC Wainwright increased their price target on shares of Verona Pharma from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, 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.

Verona Pharma Stock Performance

Shares of VRNA stock opened at $64.18 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 12.88 and a current ratio of 13.03. The firm has a market cap of $5.19 billion, a P/E ratio of -33.43 and a beta of 0.39. The firm’s 50 day moving average price is $61.76 and its 200-day moving average price is $45.88. Verona Pharma has a one year low of $11.39 and a one year high of $70.40.

Insider Buying and Selling at Verona Pharma

In other news, insider Kathleen A. Rickard sold 79,264 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $8.35, for a total value of $661,854.40. Following the sale, the insider now directly owns 2,608,976 shares in the company, valued at approximately $21,784,949.60. This trade represents a 2.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Verona Pharma

A number of institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company lifted its holdings in Verona Pharma by 77.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 105,159 shares of the company’s stock worth $3,025,000 after buying an additional 45,741 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Verona Pharma by 176.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 60,211 shares of the company’s stock worth $1,732,000 after acquiring an additional 38,434 shares in the last quarter. Townsquare Capital LLC purchased a new stake in Verona Pharma during the third quarter worth approximately $507,000. Walleye Capital LLC purchased a new stake in Verona Pharma during the third quarter worth approximately $1,859,000. Finally, Verition Fund Management LLC acquired a new position in Verona Pharma in the third quarter valued at approximately $494,000. Institutional investors and hedge funds 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.