Verona Pharma (NASDAQ:VRNA) Shares Gap Down on Insider Selling

Verona Pharma plc (NASDAQ:VRNA) shares gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $65.36, but opened at $62.75. Verona Pharma shares last traded at $63.73, with a volume of 518,111 shares trading hands.

Specifically, insider Kathleen A. Rickard sold 79,264 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $8.35, for a total value of $661,854.40. Following the completion of the sale, the insider now owns 2,608,976 shares of the company’s stock, valued at $21,784,949.60. This trade represents a 2.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Roth Mkm started coverage on Verona Pharma in a report on Friday, January 10th. They issued a “buy” rating and a $68.00 price target on the stock. HC Wainwright boosted their target price on shares of Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, February 28th. 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 research note on Wednesday, February 12th. Roth Capital set a $83.00 price objective on shares of Verona Pharma in a research report on Friday, February 28th. Finally, Wells Fargo & Company raised their target price on shares of Verona Pharma from $74.00 to $93.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $69.14.

Verona Pharma Stock Down 3.2 %

The business’s 50-day simple moving average is $58.49 and its 200 day simple moving average is $43.35. The firm has a market cap of $5.11 billion, a PE ratio of -33.05 and a beta of 0.39. The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93.

Hedge Funds Weigh In On Verona Pharma

Several institutional investors have recently bought and sold shares of the business. Shilanski & Associates Inc. purchased a new stake in Verona Pharma during the fourth quarter worth $305,000. First Turn Management LLC bought a new position in shares of Verona Pharma in the 3rd quarter worth $16,483,000. GSA Capital Partners LLP purchased a new stake in shares of Verona Pharma during the 3rd quarter worth $849,000. Wellington Management Group LLP boosted its position in Verona Pharma by 19.6% during the third quarter. Wellington Management Group LLP now owns 1,878,632 shares of the company’s stock valued at $54,048,000 after purchasing an additional 307,272 shares in the last quarter. Finally, Crossmark Global Holdings Inc. purchased a new position in Verona Pharma in the third quarter valued at about $465,000. 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.