Verona Pharma (NASDAQ:VRNA) Sees Strong Trading Volume

Shares of Verona Pharma plc (NASDAQ:VRNA) saw strong trading volume on Thursday . 406,523 shares changed hands during mid-day trading, a decline of 48% from the previous session’s volume of 781,880 shares.The stock last traded at $19.84 and had previously closed at $17.93.

Wall Street Analyst Weigh In

A number of research firms recently commented on VRNA. Truist Financial raised their price target on shares of Verona Pharma from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $35.00 target price on shares of Verona Pharma in a report on Thursday, June 27th. Piper Sandler lifted their price target on shares of Verona Pharma from $31.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Finally, HC Wainwright increased their price target on Verona Pharma from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $35.60.

Verona Pharma Price Performance

The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of -25.69 and a beta of 0.44. The company has a quick ratio of 18.40, a current ratio of 18.40 and a debt-to-equity ratio of 0.22. The business’s 50 day simple moving average is $14.21 and its 200-day simple moving average is $16.10.

Verona Pharma (NASDAQ:VRNA) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.08). On average, research analysts forecast that Verona Pharma plc will post -1.58 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Kathleen A. Rickard sold 36,248 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $1.96, for a total value of $71,046.08. Following the completion of the transaction, the insider now owns 2,621,552 shares of the company’s stock, valued at $5,138,241.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Verona Pharma by 71.4% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 67,365 shares of the company’s stock worth $1,084,000 after acquiring an additional 28,071 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Verona Pharma by 0.5% in the first quarter. Jennison Associates LLC now owns 1,593,833 shares of the company’s stock worth $25,645,000 after acquiring an additional 8,448 shares during the last quarter. Parkman Healthcare Partners LLC lifted its holdings in shares of Verona Pharma by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 504,742 shares of the company’s stock worth $10,034,000 after acquiring an additional 86,809 shares during the last quarter. Affinity Asset Advisors LLC lifted its holdings in shares of Verona Pharma by 53.1% in the fourth quarter. Affinity Asset Advisors LLC now owns 563,824 shares of the company’s stock worth $11,209,000 after acquiring an additional 195,495 shares during the last quarter. Finally, First Turn Management LLC bought a new position in shares of Verona Pharma in the fourth quarter worth about $23,981,000. 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.