Verona Pharma (NASDAQ:VRNA) Shares Down 2.5% – Here’s What Happened

Verona Pharma plc (NASDAQ:VRNA) shares fell 2.5% during mid-day trading on Tuesday . The stock traded as low as $45.64 and last traded at $45.83. 105,374 shares were traded during mid-day trading, a decline of 89% from the average session volume of 925,925 shares. The stock had previously closed at $47.02.

Analyst Ratings Changes

Several brokerages have recently commented on VRNA. Canaccord Genuity Group increased their price target on shares of Verona Pharma from $37.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. HC Wainwright raised their price target on shares of Verona Pharma from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Wells Fargo & Company upped their target price on Verona Pharma from $50.00 to $64.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Finally, Truist Financial upped their target price on shares of Verona Pharma from $38.00 to $44.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $43.83.

Verona Pharma Stock Down 1.2 %

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 company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -24.19 and a beta of 0.46. The business has a 50-day moving average price of $39.56 and a 200-day moving average price of $30.11.

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

Insider Transactions at Verona Pharma

In related news, CFO Mark W. Hahn sold 249,728 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $4.38, for a total value of $1,093,808.64. Following the completion of the sale, the chief financial officer now owns 14,089,960 shares in the company, valued at approximately $61,714,024.80. This trade represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kathleen A. Rickard sold 240,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $4.90, for a total value of $1,176,000.00. Following the completion of the transaction, the insider now directly owns 2,671,480 shares of the company’s stock, valued at approximately $13,090,252. This trade represents a 8.24 % decrease in their ownership of the stock. 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. 4.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its holdings in shares of Verona Pharma by 70.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,336 shares of the company’s stock worth $38,000 after buying an additional 553 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Verona Pharma by 25.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,610 shares of the company’s stock valued at $75,000 after purchasing an additional 529 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Verona Pharma during the 3rd quarter worth about $169,000. Claro Advisors LLC acquired a new stake in shares of Verona Pharma during the third quarter worth approximately $209,000. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Verona Pharma during the third quarter worth approximately $219,000. Institutional investors and hedge funds 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.