Verona Pharma (NASDAQ:VRNA) Shares Up 5.8% – Time to Buy?

Verona Pharma plc (NASDAQ:VRNA) shares shot up 5.8% on Wednesday . The company traded as high as $66.93 and last traded at $66.32. 111,899 shares were traded during trading, a decline of 93% from the average session volume of 1,513,236 shares. The stock had previously closed at $62.70.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Truist Financial reaffirmed a “buy” rating and issued a $57.00 target price (up from $44.00) on shares of Verona Pharma in a report on Wednesday, January 8th. Roth Mkm began coverage on Verona Pharma in a report on Friday, January 10th. They set a “buy” rating and a $68.00 price target for the company. Wells Fargo & Company upped 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. Roth Capital set a $83.00 target price on shares of Verona Pharma in a research note on Friday, February 28th. Finally, HC Wainwright lifted 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. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Verona Pharma presently has an average rating of “Buy” and an average target price of $69.14.

Verona Pharma Trading Down 3.3 %

The firm has a market capitalization of $5.28 billion, a P/E ratio of -34.04 and a beta of 0.39. The company has a quick ratio of 12.88, a current ratio of 13.03 and a debt-to-equity ratio of 0.93. The firm has a 50 day moving average of $58.49 and a 200-day moving average of $43.35.

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 shares were sold at an average price of $8.35, for a total value of $661,854.40. Following the completion of the transaction, the insider now directly owns 2,608,976 shares in the company, valued at approximately $21,784,949.60. The trade was a 2.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. bought a new position in Verona Pharma in the fourth quarter valued at about $46,000. GF Fund Management CO. LTD. bought a new position in shares of Verona Pharma during the fourth quarter valued at $72,000. Castleark Management LLC bought a new stake in shares of Verona Pharma in the 4th quarter valued at about $8,631,000. Woodline Partners LP boosted its holdings in Verona Pharma by 1.7% in the fourth quarter. Woodline Partners LP now owns 516,605 shares of the company’s stock valued at $23,991,000 after acquiring an additional 8,660 shares during the last quarter. Finally, Velan Capital Investment Management LP bought a new stake in shares of Verona Pharma in the 4th quarter valued at $2,322,000. 85.88% of the stock is owned by 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.