Verona Pharma (NASDAQ:VRNA) Shares Gap Down on Insider Selling

Verona Pharma plc (NASDAQ:VRNA)’s stock price gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $65.36, but opened at $62.75. Verona Pharma shares last traded at $63.73, with a volume of 518,111 shares.

Specifically, insider Kathleen A. Rickard sold 79,264 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $8.35, for a total transaction of $661,854.40. Following the completion of the sale, the insider now directly owns 2,608,976 shares of the company’s stock, valued at approximately $21,784,949.60. This represents a 2.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on VRNA shares. Canaccord Genuity Group increased their target price on Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Truist Financial reaffirmed a “buy” rating and set a $57.00 price target (up from $44.00) on shares of Verona Pharma in a research note on Wednesday, January 8th. Wells Fargo & Company raised their price target on shares of Verona Pharma from $74.00 to $93.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. Roth Capital set a $83.00 price target on shares of Verona Pharma in a research note on Friday, February 28th. Finally, Roth Mkm began coverage on shares of Verona Pharma in a research note on Friday, January 10th. They set a “buy” rating and a $68.00 price target for the company. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $69.14.

Verona Pharma Stock Down 6.1 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 13.03 and a quick ratio of 12.88. The firm’s 50 day moving average is $58.78 and its two-hundred day moving average is $43.71. The firm has a market capitalization of $4.96 billion, a P/E ratio of -31.97 and a beta of 0.39.

Hedge Funds Weigh In On Verona Pharma

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vermillion Wealth Management Inc. acquired a new stake in Verona Pharma during the 4th quarter valued at $46,000. GF Fund Management CO. LTD. acquired a new stake in Verona Pharma during the 4th quarter valued at $72,000. Castleark Management LLC acquired a new stake in Verona Pharma during the 4th quarter valued at $8,631,000. Woodline Partners LP lifted its holdings in shares of Verona Pharma by 1.7% during the fourth quarter. Woodline Partners LP now owns 516,605 shares of the company’s stock worth $23,991,000 after buying an additional 8,660 shares in the last quarter. Finally, Velan Capital Investment Management LP bought a new stake in shares of Verona Pharma in the fourth quarter valued at about $2,322,000. 85.88% of the stock is 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.