Verona Pharma (NASDAQ:VRNA) Reaches New 12-Month High – Should You Buy?

Shares of Verona Pharma plc (NASDAQ:VRNA) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $32.92 and last traded at $32.85, with a volume of 633818 shares traded. The stock had previously closed at $31.37.

Wall Street Analysts Forecast Growth

VRNA has been the subject of a number of research analyst reports. Wells Fargo & Company started coverage on Verona Pharma in a research report on Thursday, October 3rd. They issued an “overweight” rating and a $50.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Verona Pharma in a report on Tuesday, October 1st. Truist Financial lifted their target price on Verona Pharma from $38.00 to $44.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Canaccord Genuity Group upped their price target on shares of Verona Pharma from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $39.33.

Verona Pharma Price Performance

The company has a fifty day simple moving average of $27.83 and a two-hundred day simple moving average of $20.24. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of -21.22 and a beta of 0.44. The company has a debt-to-equity ratio of 0.72, a quick ratio of 8.61 and a current ratio of 8.61.

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

Institutional Investors Weigh In On Verona Pharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. NEA Management Company LLC increased its stake in shares of Verona Pharma by 9.3% in the 2nd quarter. NEA Management Company LLC now owns 5,584,753 shares of the company’s stock valued at $80,756,000 after purchasing an additional 476,190 shares during the last quarter. Frazier Life Sciences Management L.P. grew its position in Verona Pharma by 10.0% in the second quarter. Frazier Life Sciences Management L.P. now owns 3,314,349 shares of the company’s stock valued at $47,925,000 after acquiring an additional 300,000 shares during the last quarter. Maverick Capital Ltd. raised its stake in Verona Pharma by 74.2% during the second quarter. Maverick Capital Ltd. now owns 3,092,807 shares of the company’s stock worth $44,722,000 after acquiring an additional 1,316,998 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Verona Pharma by 12.7% in the first quarter. Janus Henderson Group PLC now owns 2,031,994 shares of the company’s stock worth $32,657,000 after acquiring an additional 228,633 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of Verona Pharma by 0.5% in the 1st quarter. Jennison Associates LLC now owns 1,593,833 shares of the company’s stock valued at $25,645,000 after purchasing an additional 8,448 shares in the last quarter. 85.88% of the stock is currently owned by 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.