Verona Pharma (NASDAQ:VRNA) Trading Up 5.7% – Here’s Why

Shares of Verona Pharma plc (NASDAQ:VRNA) traded up 5.7% during trading on Monday . The stock traded as high as $34.53 and last traded at $34.52. 623,257 shares traded hands during trading, a decline of 32% from the average session volume of 911,817 shares. The stock had previously closed at $32.67.

Analysts Set New Price Targets

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

Verona Pharma Stock Performance

The company has a 50-day moving average of $28.37 and a 200-day moving average of $20.52. The company has a market cap of $2.76 billion, a PE ratio of -22.10 and a beta of 0.44. The company has a quick ratio of 8.61, a current ratio of 8.61 and a debt-to-equity ratio of 0.72.

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

Hedge Funds Weigh In On Verona Pharma

Large investors have recently bought and sold shares of the stock. Hennion & Walsh Asset Management Inc. boosted its position in shares of Verona Pharma by 71.4% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 67,365 shares of the company’s stock valued at $1,084,000 after purchasing an additional 28,071 shares in the last quarter. Matisse Capital bought a new stake in shares of Verona Pharma during the 1st quarter valued at about $312,000. BNP Paribas Financial Markets grew its position in Verona Pharma by 1,054.4% during the first quarter. BNP Paribas Financial Markets now owns 23,412 shares of the company’s stock valued at $377,000 after buying an additional 21,384 shares during the period. Capstone Investment Advisors LLC purchased a new stake in shares of Verona Pharma in the 1st quarter worth $412,000. Finally, Jennison Associates LLC raised its stake in shares of Verona Pharma by 0.5% in the first quarter. Jennison Associates LLC now owns 1,593,833 shares of the company’s stock worth $25,645,000 after buying an additional 8,448 shares during the period. 85.88% of the stock is owned by hedge funds and other institutional investors.

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.