Franklin Resources Inc. Takes $16.10 Million Position in Verona Pharma plc (NASDAQ:VRNA)

Franklin Resources Inc. purchased a new position in Verona Pharma plc (NASDAQ:VRNA - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 559,728 shares of the company's stock, valued at approximately $16,103,000. Franklin Resources Inc. owned approximately 0.70% of Verona Pharma at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of VRNA. Eventide Asset Management LLC lifted its holdings in Verona Pharma by 359.6% in the third quarter. Eventide Asset Management LLC now owns 2,425,846 shares of the company's stock valued at $69,792,000 after acquiring an additional 1,898,065 shares during the last quarter. Maverick Capital Ltd. increased its stake in Verona Pharma by 74.2% during the second quarter. Maverick Capital Ltd. now owns 3,092,807 shares of the company's stock worth $44,722,000 after purchasing an additional 1,316,998 shares during the period. Loomis Sayles & Co. L P purchased a new stake in Verona Pharma during the third quarter worth about $31,966,000. Candriam S.C.A. acquired a new stake in shares of Verona Pharma during the second quarter worth about $11,177,000. Finally, Jennison Associates LLC boosted its stake in shares of Verona Pharma by 54.3% in the third quarter. Jennison Associates LLC now owns 1,740,886 shares of the company's stock valued at $50,085,000 after purchasing an additional 612,854 shares during the period. 85.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on VRNA. Canaccord Genuity Group upped their target price on shares of Verona Pharma from $37.00 to $44.00 and gave the stock a "buy" rating in a research note on Tuesday, November 5th. Wells Fargo & Company increased their price objective on Verona Pharma from $50.00 to $64.00 and gave the company an "overweight" rating in a research note on Tuesday, November 5th. Truist Financial increased their price target on Verona Pharma from $38.00 to $44.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Finally, HC Wainwright raised their target price on Verona Pharma from $36.00 to $42.00 and gave the stock a "buy" rating in a research report on Tuesday, November 5th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $43.83.

Insiders Place Their Bets

In other Verona Pharma news, CEO David Zaccardelli sold 162,800 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $5.01, for a total value of $815,628.00. Following the sale, the chief executive officer now directly owns 14,204,752 shares of the company's stock, valued at approximately $71,165,807.52. This trade represents a 1.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark W. Hahn sold 116,696 shares of the firm's stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $4.38, for a total transaction of $511,128.48. Following the completion of the sale, the chief financial officer now directly owns 13,973,264 shares in the company, valued at $61,202,896.32. This represents a 0.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,094,432 shares of company stock valued at $9,748,833. Corporate insiders own 4.80% of the company's stock.

Verona Pharma Price Performance

Shares of NASDAQ VRNA opened at $42.02 on Friday. The company has a market cap of $3.38 billion, a PE ratio of -21.89 and a beta of 0.46. The stock has a fifty day moving average price of $37.72 and a 200 day moving average price of $28.17. The company has a debt-to-equity ratio of 0.93, a current ratio of 13.03 and a quick ratio of 12.88. Verona Pharma plc has a 1-year low of $11.39 and a 1-year high of $43.73.

Verona Pharma (NASDAQ:VRNA - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.56) EPS for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.12). The company had revenue of $5.62 million for the quarter, compared to analysts' expectations of $2.31 million. During the same quarter in the prior year, the company posted ($0.18) earnings per share. Sell-side analysts forecast that Verona Pharma plc will post -2.11 EPS for the current year.

Verona Pharma 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.