Verona Pharma (NASDAQ:VRNA) Sets New 52-Week High - Should You Buy?

Verona Pharma plc (NASDAQ:VRNA - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $34.78 and last traded at $34.55, with a volume of 39325 shares changing hands. The stock had previously closed at $34.66.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on VRNA shares. Canaccord Genuity Group increased their target price on shares of Verona Pharma from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Monday, July 22nd. Truist Financial raised their price objective on Verona Pharma from $38.00 to $44.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. HC Wainwright reissued a "buy" rating and issued a $36.00 target price on shares of Verona Pharma in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company began coverage on Verona Pharma in a report on Thursday, October 3rd. They issued an "overweight" rating and a $50.00 price target for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Verona Pharma presently has a consensus rating of "Buy" and an average target price of $39.33.

Verona Pharma Stock Performance

The stock's 50 day moving average is $29.17 and its two-hundred day moving average is $20.84. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of -44.97 and a beta of 0.44. The company has a current ratio of 8.61, a quick ratio of 8.61 and a debt-to-equity ratio of 0.72.

Verona Pharma (NASDAQ:VRNA - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.53). During the same period in the prior year, the business earned ($0.11) earnings per share. Analysts expect that Verona Pharma plc will post -2.07 earnings per share for the current fiscal year.

Institutional Trading of Verona Pharma

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Maverick Capital Ltd. grew its position in Verona Pharma by 74.2% in the second quarter. Maverick Capital Ltd. now owns 3,092,807 shares of the company's stock valued at $44,722,000 after purchasing an additional 1,316,998 shares in the last quarter. Candriam S.C.A. bought a new position in shares of Verona Pharma in the 2nd quarter valued at about $11,177,000. NEA Management Company LLC increased its position in shares of Verona Pharma by 9.3% in the second quarter. NEA Management Company LLC now owns 5,584,753 shares of the company's stock valued at $80,756,000 after acquiring an additional 476,190 shares during the last quarter. American Century Companies Inc. raised its holdings in Verona Pharma by 56.6% during the second quarter. American Century Companies Inc. now owns 878,043 shares of the company's stock worth $12,697,000 after acquiring an additional 317,184 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. boosted its position in Verona Pharma by 10.0% during the second quarter. Frazier Life Sciences Management L.P. now owns 3,314,349 shares of the company's stock valued at $47,925,000 after purchasing an additional 300,000 shares during the last quarter. 85.88% of the stock is currently owned by institutional investors and hedge funds.

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.