M&T Bank Corp Takes Position in Verona Pharma plc (NASDAQ:VRNA)

M&T Bank Corp bought a new position in shares of Verona Pharma plc (NASDAQ:VRNA - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,243 shares of the company's stock, valued at approximately $243,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Keybank National Association OH bought a new stake in shares of Verona Pharma during the fourth quarter worth $300,000. Wrapmanager Inc. acquired a new stake in shares of Verona Pharma during the 4th quarter worth approximately $207,000. Transcend Capital Advisors LLC bought a new position in shares of Verona Pharma during the 4th quarter worth about $225,000. Jacobson & Schmitt Advisors LLC bought a new position in Verona Pharma in the fourth quarter worth approximately $2,032,000. Finally, New York State Common Retirement Fund acquired a new stake in Verona Pharma in the 4th quarter valued at $285,000. Institutional investors and hedge funds own 85.88% of the company's stock.

Insider Activity at Verona Pharma

In related news, insider Kathleen A. Rickard sold 79,264 shares of the stock in a transaction dated 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 owns 2,608,976 shares of the company's stock, valued at approximately $21,784,949.60. This trade represents a 2.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.80% of the stock is owned by corporate insiders.

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Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price 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. Canaccord Genuity Group increased their price objective on shares of Verona Pharma from $44.00 to $72.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. 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 research report on Friday, February 28th. Roth Capital set a $83.00 target price on Verona Pharma in a research note on Friday, February 28th. Finally, Truist Financial reissued a "buy" rating and issued a $57.00 price objective (up previously from $44.00) on shares of Verona Pharma in a 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. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $69.14.

Verona Pharma Stock Performance

NASDAQ:VRNA traded up $2.45 on Wednesday, hitting $66.00. The stock had a trading volume of 815,897 shares, compared to its average volume of 1,522,614. Verona Pharma plc has a 52-week low of $11.39 and a 52-week high of $70.40. The stock has a market cap of $5.33 billion, a price-to-earnings ratio of -34.37 and a beta of 0.39. 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 business's 50-day simple moving average is $59.50 and its two-hundred day simple moving average is $44.37.

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.