Verona Pharma (NASDAQ:VRNA) Sets New 12-Month High - Time to Buy?

Verona Pharma plc (NASDAQ:VRNA - Get Free Report)'s stock price hit a new 52-week high on Monday . The stock traded as high as $43.57 and last traded at $43.22, with a volume of 148107 shares changing hands. The stock had previously closed at $41.42.

Analyst Upgrades and Downgrades

VRNA has been the subject of several recent analyst reports. HC Wainwright increased their target price on Verona Pharma from $36.00 to $42.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Wells Fargo & Company increased their target price on Verona Pharma from $50.00 to $64.00 and gave the company an "overweight" rating in a research note on Tuesday, November 5th. Truist Financial increased their target price on Verona Pharma from $38.00 to $44.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Finally, Canaccord Genuity Group increased their target price on Verona Pharma from $37.00 to $44.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $43.83.

Verona Pharma Stock Performance

The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93. The stock has a fifty day moving average price of $36.76 and a 200-day moving average price of $27.36. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of -22.27 and a beta of 0.46.

Verona Pharma (NASDAQ:VRNA - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.12). The firm had revenue of $5.62 million during the quarter, compared to analyst estimates of $2.31 million. During the same period in the previous year, the firm posted ($0.18) earnings per share. As a group, analysts anticipate that Verona Pharma plc will post -2.11 earnings per share for the current fiscal year.

Insider Transactions at Verona Pharma

In related news, CEO David Zaccardelli sold 110,456 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $4.38, for a total transaction of $483,797.28. Following the sale, the chief executive officer now directly owns 14,894,464 shares in the company, valued at $65,237,752.32. This represents a 0.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark W. Hahn sold 116,696 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $4.38, for a total value of $511,128.48. Following the sale, the chief financial officer now owns 13,973,264 shares in the company, valued at approximately $61,202,896.32. This trade represents a 0.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,094,432 shares of company stock valued at $9,748,833. Corporate insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Verona Pharma

Large investors have recently bought and sold shares of the business. First Turn Management LLC bought a new stake in Verona Pharma during the 3rd quarter worth approximately $16,483,000. GSA Capital Partners LLP bought a new position in Verona Pharma in the 3rd quarter valued at $849,000. Crossmark Global Holdings Inc. bought a new position in Verona Pharma in the 3rd quarter valued at $465,000. Wellington Management Group LLP boosted its position in Verona Pharma by 19.6% in the 3rd quarter. Wellington Management Group LLP now owns 1,878,632 shares of the company's stock valued at $54,048,000 after buying an additional 307,272 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in Verona Pharma in the 2nd quarter valued at $859,000. 85.88% of the stock is currently owned by institutional investors.

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.