Verona Pharma (NASDAQ:VRNA) Hits New 52-Week High - Here's Why

Verona Pharma plc (NASDAQ:VRNA - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $40.76 and last traded at $39.96, with a volume of 190504 shares. The stock had previously closed at $39.90.

Analyst Ratings Changes

Several research firms have commented on VRNA. HC Wainwright raised their target price on shares of Verona Pharma from $36.00 to $42.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Canaccord Genuity Group lifted their price objective on shares of Verona Pharma from $37.00 to $44.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Wells Fargo & Company upped their target price on Verona Pharma from $50.00 to $64.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 5th. Finally, Truist Financial lifted their price target on Verona Pharma from $38.00 to $44.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. 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 price target of $43.83.

Verona Pharma Trading Down 0.7 %

The business's 50 day simple moving average is $34.66 and its two-hundred day simple moving average is $25.35. The stock has a market cap of $3.17 billion, a P/E ratio of -20.64 and a beta of 0.42. The company has a quick ratio of 12.88, a current ratio of 13.03 and a debt-to-equity ratio of 0.93.

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

Insider Activity

In other news, insider Kathleen A. Rickard sold 240,000 shares of Verona Pharma stock in a transaction on Monday, November 25th. The shares were sold at an average price of $4.90, for a total transaction of $1,176,000.00. Following the transaction, the insider now owns 2,671,480 shares in the company, valued at approximately $13,090,252. The trade was a 8.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David R. Ebsworth acquired 39,360 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The stock was bought at an average price of $4.80 per share, with a total value of $188,928.00. Following the completion of the acquisition, the director now directly owns 920,003 shares of the company's stock, valued at $4,416,014.40. This trade represents a 4.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 1,383,544 shares of company stock valued at $6,188,952 over the last quarter. 4.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Verona Pharma

A number of hedge funds have recently made changes to their positions in VRNA. Eventide Asset Management LLC increased its position in Verona Pharma by 359.6% during the 3rd quarter. Eventide Asset Management LLC now owns 2,425,846 shares of the company's stock valued at $69,792,000 after purchasing an additional 1,898,065 shares during the period. Maverick Capital Ltd. boosted its stake in shares of Verona Pharma by 74.2% in the 2nd 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 during the last quarter. Loomis Sayles & Co. L P acquired a new stake in shares of Verona Pharma during the third quarter worth $31,966,000. Candriam S.C.A. bought a new position in Verona Pharma during the second quarter worth $11,177,000. Finally, Jennison Associates LLC lifted its holdings in Verona Pharma by 54.3% in the third quarter. Jennison Associates LLC now owns 1,740,886 shares of the company's stock valued at $50,085,000 after buying an additional 612,854 shares during the period. 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.