Clearbridge Investments LLC Sells 93,568 Shares of Verona Pharma plc (NASDAQ:VRNA)

Clearbridge Investments LLC trimmed its holdings in Verona Pharma plc (NASDAQ:VRNA - Free Report) by 23.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 312,173 shares of the company's stock after selling 93,568 shares during the period. Clearbridge Investments LLC owned 0.39% of Verona Pharma worth $14,497,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. GAMMA Investing LLC increased its position in Verona Pharma by 20.7% during the fourth quarter. GAMMA Investing LLC now owns 1,612 shares of the company's stock worth $75,000 after buying an additional 276 shares during the last quarter. EMC Capital Management lifted its position in shares of Verona Pharma by 3,400.0% in the fourth quarter. EMC Capital Management now owns 3,500 shares of the company's stock worth $163,000 after buying an additional 3,400 shares during the last quarter. Wrapmanager Inc. bought a new stake in shares of Verona Pharma during the 4th quarter worth about $207,000. Sanctuary Advisors LLC bought a new position in shares of Verona Pharma in the 3rd quarter valued at approximately $219,000. Finally, Transcend Capital Advisors LLC acquired a new stake in Verona Pharma in the 4th quarter worth approximately $225,000. Institutional investors and hedge funds own 85.88% of the company's stock.

Wall Street Analysts Forecast Growth

VRNA has been the topic of several analyst reports. Canaccord Genuity Group increased their price target on Verona Pharma from $44.00 to $72.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Wells Fargo & Company raised their target price on shares of Verona Pharma from $74.00 to $93.00 and gave the company an "overweight" rating in a research note on Friday, February 28th. HC Wainwright lifted their target price on shares of Verona Pharma from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Roth Capital set a $83.00 price target on shares of Verona Pharma in a report on Friday, February 28th. Finally, Roth Mkm initiated coverage on Verona Pharma in a research report on Friday, January 10th. They issued a "buy" rating and a $68.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Verona Pharma currently has a consensus rating of "Buy" and an average price target of $69.14.

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Verona Pharma Stock Performance

Verona Pharma stock traded up $0.40 during mid-day trading on Monday, reaching $54.30. The company had a trading volume of 2,929,957 shares, compared to its average volume of 1,185,898. The company has a 50 day moving average of $62.71 and a 200-day moving average of $47.70. Verona Pharma plc has a 52 week low of $11.39 and a 52 week high of $70.40. 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 has a market cap of $4.39 billion, a price-to-earnings ratio of -28.28 and a beta of 0.16.

Insider Activity at Verona Pharma

In other news, insider Kathleen A. Rickard sold 79,264 shares of the business's 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 in the company, valued at approximately $21,784,949.60. The trade was a 2.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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.