Verona Pharma (NASDAQ:VRNA) Hits New 1-Year High – Still a Buy?

Verona Pharma plc (NASDAQ:VRNA) shares hit a new 52-week high during trading on Friday . The company traded as high as $34.78 and last traded at $34.55, with a volume of 39325 shares traded. The stock had previously closed at $34.66.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Canaccord Genuity Group increased their target price on Verona Pharma from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Wells Fargo & Company started coverage on Verona Pharma in a report on Thursday, October 3rd. They issued an “overweight” rating and a $50.00 price target for the company. Truist Financial boosted their target price on shares of Verona Pharma from $38.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $36.00 price target on shares of Verona Pharma in a report on Tuesday, October 1st. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $39.33.

Verona Pharma Stock Up 1.0 %

The firm’s fifty day moving average is $28.92 and its two-hundred day moving average is $20.71. The company has a debt-to-equity ratio of 0.72, a current ratio of 8.61 and a quick ratio of 8.61. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of -45.01 and a beta of 0.44.

Verona Pharma (NASDAQ:VRNA) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.53). During the same quarter in the prior year, the company posted ($0.11) EPS. On average, sell-side analysts expect that Verona Pharma plc will post -2.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Verona Pharma

Several large investors have recently modified their holdings of VRNA. Claro Advisors LLC purchased a new stake in shares of Verona Pharma during the third quarter valued at $209,000. GAMMA Investing LLC lifted its stake in Verona Pharma by 70.6% during the third quarter. GAMMA Investing LLC now owns 1,336 shares of the company’s stock valued at $38,000 after buying an additional 553 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in shares of Verona Pharma by 58.8% in the second quarter. Clearbridge Investments LLC now owns 405,819 shares of the company’s stock worth $5,868,000 after buying an additional 150,210 shares during the period. Frazier Life Sciences Management L.P. increased its position in shares of Verona Pharma by 10.0% in the second quarter. Frazier Life Sciences Management L.P. now owns 3,314,349 shares of the company’s stock worth $47,925,000 after acquiring an additional 300,000 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Verona Pharma during the second quarter valued at approximately $859,000. 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.