Verona Pharma (NASDAQ:VRNA) Hits New 12-Month High After Analyst Upgrade

Shares of Verona Pharma plc (NASDAQ:VRNA - Get Free Report) reached a new 52-week high during mid-day trading on Friday after Wells Fargo & Company raised their price target on the stock from $74.00 to $93.00. Wells Fargo & Company currently has an overweight rating on the stock. Verona Pharma traded as high as $69.80 and last traded at $67.12, with a volume of 2869930 shares traded. The stock had previously closed at $63.52.

Several other research analysts also recently commented on VRNA. HC Wainwright raised their price target on shares of Verona Pharma from $60.00 to $75.00 and gave the company a "buy" rating in a report on Friday. Truist Financial reiterated a "buy" rating and issued a $57.00 target price (up previously from $44.00) on shares of Verona Pharma in a research report on Wednesday, January 8th. Roth Capital upgraded shares of Verona Pharma to a "strong-buy" rating in a research report on Friday, January 10th. Roth Mkm started coverage on shares of Verona Pharma in a research report on Friday, January 10th. They issued a "buy" rating and a $68.00 target price on the stock. Finally, Canaccord Genuity Group lifted their target price on shares of Verona Pharma from $44.00 to $72.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $66.83.

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Insider Buying and Selling

In related news, CFO Mark W. Hahn sold 183,728 shares of Verona Pharma stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $5.01, for a total transaction of $920,477.28. Following the sale, the chief financial officer now owns 13,293,736 shares of the company's stock, valued at approximately $66,601,617.36. This trade represents a 1.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Zaccardelli sold 67,608 shares of the company's stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $5.00, for a total value of $338,040.00. Following the completion of the transaction, the chief executive officer now owns 15,007,816 shares of the company's stock, valued at $75,039,080. The trade was a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 472,320 shares of company stock valued at $2,365,065. 4.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Verona Pharma

Several institutional investors have recently bought and sold shares of VRNA. Shilanski & Associates Inc. bought a new position in shares of Verona Pharma during the 4th quarter valued at about $305,000. First Turn Management LLC bought a new position in shares of Verona Pharma during the 3rd quarter valued at about $16,483,000. GSA Capital Partners LLP bought a new position in shares of Verona Pharma during the 3rd quarter valued at about $849,000. Wellington Management Group LLP boosted its holdings in shares of Verona Pharma by 19.6% during the 3rd quarter. Wellington Management Group LLP now owns 1,878,632 shares of the company's stock valued at $54,048,000 after purchasing an additional 307,272 shares during the last quarter. Finally, Crossmark Global Holdings Inc. bought a new position in shares of Verona Pharma during the 3rd quarter valued at about $465,000. 85.88% of the stock is owned by hedge funds and other institutional investors.

Verona Pharma Price Performance

The firm's fifty day simple moving average is $55.91 and its 200 day simple moving average is $41.73. The firm has a market cap of $5.43 billion, a P/E ratio of -35.16 and a beta of 0.41. The company has a debt-to-equity ratio of 0.93, a quick ratio of 12.88 and a current ratio of 13.03.

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.