338,425 Shares in Verona Pharma plc (NASDAQ:VRNA) Acquired by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. purchased a new position in Verona Pharma plc (NASDAQ:VRNA - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 338,425 shares of the company's stock, valued at approximately $15,716,000. Adage Capital Partners GP L.L.C. owned 0.42% of Verona Pharma as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in VRNA. Wellington Management Group LLP grew its holdings in shares of Verona Pharma by 61.0% during 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 in the last quarter. Jennison Associates LLC increased its holdings in shares of Verona Pharma by 8.5% in the 4th quarter. Jennison Associates LLC now owns 1,889,542 shares of the company's stock worth $87,750,000 after buying an additional 148,656 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Verona Pharma by 37.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,833,532 shares of the company's stock valued at $85,150,000 after acquiring an additional 498,338 shares during the last quarter. Hood River Capital Management LLC raised its holdings in shares of Verona Pharma by 3.6% during the 4th quarter. Hood River Capital Management LLC now owns 1,485,256 shares of the company's stock valued at $68,975,000 after buying an additional 51,322 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Verona Pharma by 41.3% during the fourth quarter. Franklin Resources Inc. now owns 791,104 shares of the company's stock worth $36,739,000 after acquiring an additional 231,376 shares in the last quarter. 85.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on VRNA shares. Wells Fargo & Company boosted 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 Mkm assumed coverage on Verona Pharma in a research report on Friday, January 10th. They set a "buy" rating and a $68.00 price target on the stock. Canaccord Genuity Group increased their price objective on Verona Pharma from $44.00 to $72.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Roth Capital set a $83.00 target price on shares of Verona Pharma in a research note on Friday, February 28th. Finally, Truist Financial reissued a "buy" rating and set a $57.00 price target (up previously from $44.00) on shares of Verona Pharma in a research report on Wednesday, January 8th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $75.43.

Verona Pharma Stock Performance

NASDAQ:VRNA opened at $65.46 on Friday. 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 firm's fifty day simple moving average is $62.40 and its 200 day simple moving average is $50.68. The stock has a market cap of $5.29 billion, a P/E ratio of -34.09 and a beta of 0.16. Verona Pharma plc has a twelve month low of $11.39 and a twelve month high of $70.40.

Insider Activity at Verona Pharma

In other Verona Pharma news, insider Kathleen A. Rickard sold 79,264 shares of Verona Pharma 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 sale, the insider now directly owns 2,608,976 shares of the company's stock, valued at approximately $21,784,949.60. The trade was a 2.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.80% of the stock is owned by corporate insiders.

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.

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