Verona Pharma (NASDAQ:VRNA) Shares Gap Up – Here’s Why

Shares of Verona Pharma plc (NASDAQ:VRNA) gapped up before the market opened on Tuesday . The stock had previously closed at $44.81, but opened at $46.33. Verona Pharma shares last traded at $44.73, with a volume of 395,072 shares trading hands.

Wall Street Analyst Weigh In

VRNA has been the subject of several analyst reports. HC Wainwright increased their price objective on Verona Pharma from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Wells Fargo & Company boosted their price target on shares of Verona Pharma from $64.00 to $74.00 and gave the stock an “overweight” rating in a report on Wednesday. Canaccord Genuity Group boosted their target price on Verona Pharma from $37.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $47.67.

Verona Pharma Stock Performance

The company has a market cap of $3.72 billion, a PE ratio of -24.06 and a beta of 0.40. The company’s 50 day moving average price is $40.88 and its 200-day moving average price is $31.21. The company has a debt-to-equity ratio of 0.93, a quick ratio of 12.88 and a current ratio of 13.03.

Verona Pharma (NASDAQ:VRNA) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.12). The firm had revenue of $5.62 million for the quarter, compared to the consensus estimate of $2.31 million. During the same quarter in the prior year, the business posted ($0.18) earnings per share. Equities research analysts anticipate that Verona Pharma plc will post -2.11 earnings per share for the current fiscal year.

Insider Transactions at Verona Pharma

In other news, CEO David Zaccardelli sold 162,800 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $5.01, for a total value of $815,628.00. Following the completion of the transaction, the chief executive officer now directly owns 14,204,752 shares in the company, valued at approximately $71,165,807.52. This trade represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark W. Hahn sold 183,728 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $5.01, for a total transaction of $920,477.28. Following the sale, the chief financial officer now directly owns 13,293,736 shares in the company, valued at $66,601,617.36. This trade represents a 1.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,094,432 shares of company stock valued at $9,748,833 over the last three months. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Verona Pharma

Several institutional investors have recently modified their holdings of the company. First Turn Management LLC purchased a new stake in shares of Verona Pharma in the 3rd quarter valued at $16,483,000. Wellington Management Group LLP increased its stake in Verona Pharma by 19.6% in the 3rd quarter. Wellington Management Group LLP now owns 1,878,632 shares of the company’s stock worth $54,048,000 after purchasing an additional 307,272 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Verona Pharma during the third quarter valued at approximately $849,000. Crossmark Global Holdings Inc. bought a new position in shares of Verona Pharma in the third quarter worth approximately $465,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Verona Pharma in the second quarter worth $859,000. 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.