Verona Pharma (NASDAQ:VRNA) Given New $72.00 Price Target at Canaccord Genuity Group

Verona Pharma (NASDAQ:VRNA) had its price target boosted by Canaccord Genuity Group from $44.00 to $72.00 in a report issued on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research firms also recently commented on VRNA. HC Wainwright reaffirmed a “buy” rating and set a $60.00 price objective (up from $42.00) on shares of Verona Pharma in a report on Tuesday, January 21st. Wells Fargo & Company upped their price target on Verona Pharma from $64.00 to $74.00 and gave the company an “overweight” rating in a research note on Wednesday, January 8th. Roth Mkm assumed coverage on shares of Verona Pharma in a research report on Friday, January 10th. They set a “buy” rating and a $68.00 target price for the company. Roth Capital upgraded shares of Verona Pharma to a “strong-buy” rating in a report on Friday, January 10th. Finally, Truist Financial reiterated a “buy” rating and issued a $57.00 price objective (up from $44.00) on shares of Verona Pharma in a research report on Wednesday, January 8th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $57.14.

Verona Pharma Stock Performance

NASDAQ VRNA opened at $62.70 on Wednesday. The company’s fifty day moving average is $48.79 and its two-hundred day moving average is $37.32. Verona Pharma has a 52-week low of $11.39 and a 52-week high of $63.50. The company has a debt-to-equity ratio of 0.93, a current ratio of 13.03 and a quick ratio of 12.88. The firm has a market capitalization of $5.01 billion, a price-to-earnings ratio of -32.66 and a beta of 0.41.

Insider Activity at Verona Pharma

In related news, CFO Mark W. Hahn sold 12,936 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $5.00, for a total transaction of $64,680.00. Following the completion of the sale, the chief financial officer now owns 14,276,000 shares in the company, valued at approximately $71,380,000. This represents a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kathleen A. Rickard sold 240,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $4.90, for a total transaction of $1,176,000.00. Following the completion of the sale, the insider now owns 2,671,480 shares of the company’s stock, valued at approximately $13,090,252. This trade represents a 8.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 952,488 shares of company stock worth $4,743,881 over the last ninety days. Insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Verona Pharma

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in shares of Verona Pharma by 70.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,336 shares of the company’s stock valued at $38,000 after acquiring an additional 553 shares during the period. Claro Advisors LLC bought a new position in shares of Verona Pharma during the 3rd quarter worth $209,000. Hennion & Walsh Asset Management Inc. increased its holdings in Verona Pharma by 14.9% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 155,835 shares of the company’s stock worth $4,483,000 after acquiring an additional 20,206 shares during the last quarter. Values First Advisors Inc. bought a new stake in Verona Pharma in the 3rd quarter valued at about $494,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Verona Pharma by 25.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,610 shares of the company’s stock valued at $75,000 after acquiring an additional 529 shares during the period. 85.88% of the stock is owned by hedge funds and other institutional investors.

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.