Verona Pharma (NASDAQ:VRNA) Stock Price Down 4.1%

Verona Pharma plc (NASDAQ:VRNA)’s share price was down 4.1% on Tuesday . The company traded as low as $15.76 and last traded at $15.98. Approximately 336,349 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 606,045 shares. The stock had previously closed at $16.66.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on VRNA. Piper Sandler upped their price objective on shares of Verona Pharma from $31.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Wedbush reiterated an “outperform” rating and issued a $33.00 price objective on shares of Verona Pharma in a research report on Friday, March 1st. Finally, HC Wainwright decreased their price objective on Verona Pharma from $33.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, May 13th. Four research analysts have rated the stock with a buy rating, According to MarketBeat.com, Verona Pharma presently has an average rating of “Buy” and an average target price of $33.50.

Verona Pharma Stock Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 18.40 and a quick ratio of 18.40. The firm has a market cap of $1.25 billion, a P/E ratio of -20.53 and a beta of 0.35. The stock’s 50 day moving average is $14.25 and its two-hundred day moving average is $16.06.

Verona Pharma (NASDAQ:VRNA) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.08). As a group, equities analysts predict that Verona Pharma plc will post -1.47 EPS for the current year.

Insider Buying and Selling at Verona Pharma

In other news, insider Kathleen A. Rickard sold 36,248 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $1.96, for a total value of $71,046.08. Following the sale, the insider now owns 2,621,552 shares of the company’s stock, valued at approximately $5,138,241.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Rathbones Group PLC raised its position in Verona Pharma by 66.7% in the 3rd quarter. Rathbones Group PLC now owns 15,976 shares of the company’s stock valued at $260,000 after purchasing an additional 6,392 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of Verona Pharma by 49.3% in the third quarter. Federated Hermes Inc. now owns 2,493,530 shares of the company’s stock valued at $40,645,000 after buying an additional 822,832 shares in the last quarter. Eventide Asset Management LLC bought a new position in shares of Verona Pharma in the third quarter valued at about $13,855,000. Adage Capital Partners GP L.L.C. lifted its position in Verona Pharma by 95.1% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 426,931 shares of the company’s stock worth $6,959,000 after buying an additional 208,100 shares in the last quarter. Finally, Kennedy Capital Management LLC grew its holdings in Verona Pharma by 19.2% during the 3rd quarter. Kennedy Capital Management LLC now owns 139,601 shares of the company’s stock worth $2,275,000 after acquiring an additional 22,529 shares during the last quarter. 85.88% of the stock is owned by institutional investors and hedge funds.

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.