Analysts Set Verona Pharma plc (NASDAQ:VRNA) Price Target at $69.14

Shares of Verona Pharma plc (NASDAQ:VRNA) have been assigned an average rating of “Buy” from the seven research firms that are presently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $69.14.

Several research analysts have weighed in on VRNA shares. HC Wainwright upped their price objective on shares of Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Truist Financial reaffirmed a “buy” rating and issued 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 boosted their target price on Verona Pharma from $74.00 to $93.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Canaccord Genuity Group raised their price target on Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Finally, Roth Mkm started coverage on Verona Pharma in a research note on Friday, January 10th. They issued a “buy” rating and a $68.00 price target for the company.

Insiders Place Their Bets

In other Verona Pharma news, 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 transaction, the insider now owns 2,608,976 shares in the company, valued at $21,784,949.60. This trade represents a 2.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 4.80% of the company’s stock.

Institutional Trading of Verona Pharma

A number of institutional investors and hedge funds have recently modified their holdings of the company. Maverick Capital Ltd. raised its holdings in Verona Pharma by 36.3% in the 3rd quarter. Maverick Capital Ltd. now owns 4,215,973 shares of the company’s stock worth $121,294,000 after acquiring an additional 1,123,166 shares during the period. Frazier Life Sciences Management L.P. grew its position in shares of Verona Pharma by 2.1% in the third quarter. Frazier Life Sciences Management L.P. now owns 3,383,950 shares of the company’s stock valued at $97,356,000 after purchasing an additional 69,601 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Verona Pharma by 61.0% in the fourth quarter. Wellington Management Group LLP now owns 3,025,241 shares of the company’s stock worth $140,492,000 after purchasing an additional 1,146,609 shares during the period. Eventide Asset Management LLC lifted its position in shares of Verona Pharma by 359.6% during the 3rd quarter. Eventide Asset Management LLC now owns 2,425,846 shares of the company’s stock worth $69,792,000 after purchasing an additional 1,898,065 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Verona Pharma by 8.5% during the 4th quarter. Jennison Associates LLC now owns 1,889,542 shares of the company’s stock worth $87,750,000 after purchasing an additional 148,656 shares during the last quarter. 85.88% of the stock is currently owned by institutional investors and hedge funds.

Verona Pharma Stock Down 2.8 %

NASDAQ:VRNA opened at $62.70 on Thursday. The business’s fifty day moving average price is $62.20 and its 200 day moving average price is $46.38. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of -32.66 and a beta of 0.39. The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93. Verona Pharma has a 1-year low of $11.39 and a 1-year high of $70.40.

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.