Verona Pharma (NASDAQ:VRNA) Shares Down 11.3% – Here’s Why

Verona Pharma plc (NASDAQ:VRNA) shares traded down 11.3% during trading on Monday . The stock traded as low as $47.59 and last traded at $47.80. 420,376 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 1,176,591 shares. The stock had previously closed at $53.90.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on VRNA shares. Truist Financial reaffirmed a “buy” rating and set a $57.00 price objective (up from $44.00) on shares of Verona Pharma in a research report on Wednesday, January 8th. Wells Fargo & Company lifted their price objective on shares of Verona Pharma from $74.00 to $93.00 and gave the company an “overweight” rating in a report on Friday, February 28th. HC Wainwright increased their target price on shares of Verona Pharma from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Roth Capital set a $83.00 price target on shares of Verona Pharma in a research note on Friday, February 28th. Finally, Canaccord Genuity Group increased their price objective 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. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $69.14.

Verona Pharma Stock Performance

The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93. The stock has a market cap of $4.68 billion, a P/E ratio of -30.16 and a beta of 0.16. The stock has a 50 day simple moving average of $62.72 and a 200 day simple moving average of $47.91.

Insiders Place Their Bets

In related news, insider Kathleen A. Rickard sold 79,264 shares of the firm’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 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of VRNA. NBC Securities Inc. purchased a new position in shares of Verona Pharma during the 1st quarter valued at $34,000. Vermillion Wealth Management Inc. purchased a new position in shares of Verona Pharma in the fourth quarter worth about $46,000. GF Fund Management CO. LTD. purchased a new position in shares of Verona Pharma in the fourth quarter worth about $72,000. GAMMA Investing LLC raised its position 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 purchasing an additional 276 shares during the period. Finally, EMC Capital Management boosted its holdings in Verona Pharma by 3,400.0% in the 4th quarter. EMC Capital Management now owns 3,500 shares of the company’s stock worth $163,000 after buying an additional 3,400 shares during the period. 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.