Verona Pharma (NASDAQ:VRNA) Stock Price Down 2% – What’s Next?

Shares of Verona Pharma plc (NASDAQ:VRNA) dropped 2% during mid-day trading on Monday . The stock traded as low as $63.79 and last traded at $65.48. Approximately 112,550 shares traded hands during trading, a decline of 90% from the average daily volume of 1,135,673 shares. The stock had previously closed at $66.81.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. HC Wainwright boosted their price objective on shares of Verona Pharma from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Roth Capital set a $83.00 price target on Verona Pharma in a research report on Friday, February 28th. Truist Financial reaffirmed a “buy” rating and issued a $57.00 price objective (up from $44.00) on shares of Verona Pharma in a research note on Wednesday, January 8th. Canaccord Genuity Group raised their price target on shares of Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, Roth Mkm assumed coverage on shares of Verona Pharma in a research note on Friday, January 10th. They issued a “buy” rating and a $68.00 price objective on the stock. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Verona Pharma has an average rating of “Buy” and an average target price of $69.14.

Verona Pharma Price Performance

The stock has a market capitalization of $5.35 billion, a P/E ratio of -34.47 and a beta of 0.39. 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 business has a fifty day simple moving average of $61.49 and a 200-day simple moving average of $45.75.

Insider Activity

In other news, insider Kathleen A. Rickard sold 79,264 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $8.35, for a total transaction of $661,854.40. Following the completion of the sale, the insider now owns 2,608,976 shares in the company, valued at $21,784,949.60. The trade was a 2.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 4.80% of the company’s stock.

Institutional Trading of Verona Pharma

Several hedge funds have recently bought and sold shares of VRNA. GAMMA Investing LLC lifted its stake in shares of Verona Pharma by 20.7% in the fourth quarter. GAMMA Investing LLC now owns 1,612 shares of the company’s stock valued at $75,000 after buying an additional 276 shares in the last quarter. Diversify Advisory Services LLC boosted its stake in Verona Pharma by 5.2% during the 4th quarter. Diversify Advisory Services LLC now owns 6,166 shares of the company’s stock valued at $279,000 after purchasing an additional 305 shares during the last quarter. Townsquare Capital LLC increased its holdings in Verona Pharma by 1.9% during the 4th quarter. Townsquare Capital LLC now owns 17,958 shares of the company’s stock worth $834,000 after purchasing an additional 332 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Verona Pharma by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 62,741 shares of the company’s stock worth $2,914,000 after purchasing an additional 660 shares during the last quarter. Finally, Vermillion Wealth Management Inc. bought a new position in shares of Verona Pharma in the fourth quarter valued at approximately $46,000. 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.