Canaccord Genuity Group Boosts Verona Pharma (NASDAQ:VRNA) Price Target to $37.00

Verona Pharma (NASDAQ:VRNA) had its price objective upped by Canaccord Genuity Group from $35.00 to $37.00 in a research report released on Monday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other analysts also recently issued research reports about the stock. Piper Sandler raised their price target on shares of Verona Pharma from $31.00 to $36.00 and gave the company an overweight rating in a report on Tuesday, April 16th. Truist Financial raised their price objective on shares of Verona Pharma from $32.00 to $38.00 and gave the stock a buy rating in a report on Friday, June 28th. Finally, HC Wainwright raised their price objective on shares of Verona Pharma from $32.00 to $36.00 and gave the stock a buy rating in a report on Thursday, June 27th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of Buy and an average target price of $36.00.

Verona Pharma Stock Performance

Shares of NASDAQ VRNA opened at $21.07 on Monday. The firm’s 50-day moving average price is $15.67 and its 200-day moving average price is $16.27. 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 company has a market cap of $1.67 billion, a PE ratio of -27.36 and a beta of 0.44. Verona Pharma has a 52-week low of $11.39 and a 52-week high of $23.72.

Verona Pharma (NASDAQ:VRNA) last announced its quarterly earnings results 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). As a group, analysts anticipate that Verona Pharma will post -1.58 EPS for the current year.

Insider Buying and Selling

In related news, insider Kathleen A. Rickard sold 36,248 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $1.96, for a total value of $71,046.08. Following 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 legal filing with the SEC, which is accessible through this link. 4.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Verona Pharma

Large investors have recently added to or reduced their stakes in the company. CWM LLC purchased a new position in Verona Pharma during the second quarter valued at approximately $29,000. Cape Investment Advisory Inc. purchased a new position in Verona Pharma during the fourth quarter valued at approximately $40,000. Tower Research Capital LLC TRC lifted its holdings in Verona Pharma by 950.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,495 shares of the company’s stock valued at $89,000 after purchasing an additional 4,067 shares in the last quarter. Jump Financial LLC purchased a new position in Verona Pharma during the fourth quarter valued at approximately $226,000. Finally, PFG Investments LLC bought a new stake in shares of Verona Pharma during the fourth quarter valued at approximately $354,000. Hedge funds and other 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.