LPL Financial LLC Increases Holdings in Verona Pharma plc (NASDAQ:VRNA)

LPL Financial LLC grew its holdings in shares of Verona Pharma plc (NASDAQ:VRNA - Free Report) by 108.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,033 shares of the company's stock after purchasing an additional 15,598 shares during the quarter. LPL Financial LLC's holdings in Verona Pharma were worth $1,395,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in VRNA. Franklin Resources Inc. purchased a new position in shares of Verona Pharma in the third quarter worth about $16,103,000. Jennison Associates LLC grew its stake in 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 in the last quarter. Jacobson & Schmitt Advisors LLC bought a new stake in shares of Verona Pharma in the 4th quarter worth approximately $2,032,000. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Verona Pharma by 24.3% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 193,707 shares of the company's stock worth $8,996,000 after acquiring an additional 37,872 shares during the last quarter. Finally, HBK Sorce Advisory LLC lifted its holdings in shares of Verona Pharma by 387.1% in the 4th quarter. HBK Sorce Advisory LLC now owns 35,814 shares of the company's stock worth $1,663,000 after acquiring an additional 28,461 shares during the last quarter. Hedge funds and other institutional investors own 85.88% of the company's stock.

Insider Activity

In related news, insider Kathleen A. Rickard sold 79,264 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $8.35, for a total value of $661,854.40. Following the completion of the transaction, the insider now directly owns 2,608,976 shares in the company, valued at $21,784,949.60. The trade was a 2.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.80% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Verona Pharma in a report on Monday. They issued an "overweight" rating and a $80.00 price objective for the company. Truist Financial restated a "buy" rating and issued a $57.00 price objective (up from $44.00) on shares of Verona Pharma in a report on Wednesday, January 8th. Roth Capital set a $83.00 price objective on shares of Verona Pharma in a report on Friday, February 28th. HC Wainwright boosted their price objective 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. Finally, Wells Fargo & Company upped their price target on shares of Verona Pharma from $74.00 to $93.00 and gave the company an "overweight" rating in a report on Friday, February 28th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Verona Pharma presently has an average rating of "Buy" and an average price target of $75.43.

Verona Pharma Stock Up 2.7 %

Shares of VRNA stock traded up $1.66 during trading hours on Wednesday, hitting $63.67. 152,994 shares of the company's stock traded hands, compared to its average volume of 1,213,634. The stock's fifty day simple moving average is $62.38 and its two-hundred day simple moving average is $50.00. Verona Pharma plc has a 12-month low of $11.39 and a 12-month high of $70.40. The stock has a market cap of $5.15 billion, a price-to-earnings ratio of -33.16 and a beta of 0.16. The company has a quick ratio of 12.88, a current ratio of 13.03 and a debt-to-equity ratio of 0.93.

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.