Springhill Fund Asset Management HK Co Ltd Takes $6.29 Million Position in Verona Pharma plc (NASDAQ:VRNA)

Springhill Fund Asset Management HK Co Ltd acquired a new stake in shares of Verona Pharma plc (NASDAQ:VRNA - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 135,452 shares of the company's stock, valued at approximately $6,290,000. Verona Pharma makes up approximately 10.2% of Springhill Fund Asset Management HK Co Ltd's portfolio, making the stock its largest position. Springhill Fund Asset Management HK Co Ltd owned 0.17% of Verona Pharma as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP grew its stake in shares of Verona Pharma by 61.0% in the fourth quarter. Wellington Management Group LLP now owns 3,025,241 shares of the company's stock worth $140,492,000 after purchasing an additional 1,146,609 shares during the last quarter. Franklin Resources Inc. purchased a new stake in Verona Pharma during the 3rd quarter valued at $16,103,000. Jennison Associates LLC increased its holdings in shares of 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 purchasing an additional 148,656 shares in the last quarter. Atika Capital Management LLC raised its stake in shares of Verona Pharma by 194.4% in the fourth quarter. Atika Capital Management LLC now owns 212,000 shares of the company's stock worth $9,845,000 after purchasing an additional 140,000 shares during the last quarter. Finally, Dorsey Wright & Associates bought a new position in shares of Verona Pharma during the third quarter valued at $2,307,000. 85.88% of the stock is currently owned by hedge funds and other institutional investors.

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Verona Pharma Price Performance

VRNA stock traded up $3.09 during trading on Friday, reaching $57.02. The company's stock had a trading volume of 372,688 shares, compared to its average volume of 1,202,140. The company's fifty day moving average is $62.65 and its 200-day moving average is $48.35. Verona Pharma plc has a 1 year low of $11.39 and a 1 year high of $70.40. The company has a market capitalization of $4.61 billion, a P/E ratio of -29.73 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.

Wall Street Analyst Weigh In

VRNA has been the subject of several research analyst reports. Wells Fargo & Company lifted their price objective on Verona Pharma from $74.00 to $93.00 and gave the stock an "overweight" rating in a report on Friday, February 28th. Truist Financial reissued a "buy" rating and set a $57.00 price target (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 Verona Pharma in a report on Friday, February 28th. HC Wainwright raised their target price on Verona Pharma from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Roth Mkm initiated coverage on shares of Verona Pharma in a research report on Friday, January 10th. They set a "buy" rating and a $68.00 price target for the company. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $69.14.

Insider Activity at Verona Pharma

In other Verona Pharma 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 transaction 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 $21,784,949.60. This represents a 2.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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.