Verona Pharma (NASDAQ:VRNA) Shares Gap Down – Here’s What Happened

Shares of Verona Pharma plc (NASDAQ:VRNA) gapped down before the market opened on Monday . The stock had previously closed at $34.98, but opened at $33.55. Verona Pharma shares last traded at $34.62, with a volume of 413,033 shares.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on VRNA. Wells Fargo & Company initiated coverage on shares of Verona Pharma in a report on Thursday, October 3rd. They issued an “overweight” rating and a $50.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $36.00 target price on shares of Verona Pharma in a report on Tuesday, October 1st. Truist Financial lifted their target price on shares of Verona Pharma from $38.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Canaccord Genuity Group boosted their price objective on Verona Pharma from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $39.33.

Verona Pharma Stock Up 5.8 %

The stock’s fifty day moving average is $30.61 and its two-hundred day moving average is $22.17. The company has a current ratio of 8.61, a quick ratio of 8.61 and a debt-to-equity ratio of 0.72. The firm has a market cap of $3.01 billion, a P/E ratio of -22.71 and a beta of 0.42.

Verona Pharma (NASDAQ:VRNA) last announced its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.53). During the same quarter last year, the company posted ($0.11) EPS. As a group, research analysts anticipate that Verona Pharma plc will post -2.07 earnings per share for the current year.

Insider Activity at Verona Pharma

In related news, CEO David Zaccardelli sold 245,784 shares of Verona Pharma stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $4.38, for a total value of $1,076,533.92. Following the completion of the sale, the chief executive officer now directly owns 15,004,920 shares in the company, valued at approximately $65,721,549.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Verona Pharma news, CFO Mark W. Hahn sold 141,360 shares of Verona Pharma stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $4.38, for a total value of $619,156.80. Following the sale, the chief financial officer now directly owns 13,672,560 shares in the company, valued at approximately $59,885,812.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO David Zaccardelli sold 245,784 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $4.38, for a total transaction of $1,076,533.92. Following the transaction, the chief executive officer now owns 15,004,920 shares of the company’s stock, valued at $65,721,549.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 868,840 shares of company stock valued at $3,805,519 in the last three months. Company insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in VRNA. Maverick Capital Ltd. raised its stake in shares of Verona Pharma by 74.2% during the 2nd quarter. Maverick Capital Ltd. now owns 3,092,807 shares of the company’s stock valued at $44,722,000 after buying an additional 1,316,998 shares during the last quarter. Candriam S.C.A. purchased a new stake in shares of Verona Pharma in the second quarter valued at approximately $11,177,000. NEA Management Company LLC grew its holdings in Verona Pharma by 9.3% in the 2nd quarter. NEA Management Company LLC now owns 5,584,753 shares of the company’s stock valued at $80,756,000 after buying an additional 476,190 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Verona Pharma by 56.6% in the 2nd quarter. American Century Companies Inc. now owns 878,043 shares of the company’s stock worth $12,697,000 after acquiring an additional 317,184 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. raised its holdings in shares of Verona Pharma by 10.0% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,314,349 shares of the company’s stock worth $47,925,000 after acquiring an additional 300,000 shares during the period. Hedge funds and other 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.