Verona Pharma (NASDAQ:VRNA) Shares Down 2% - Time to Sell?

Verona Pharma plc (NASDAQ:VRNA - Get Free Report) fell 2% on Monday . The stock traded as low as $63.79 and last traded at $65.48. 112,550 shares were traded during trading, a decline of 90% from the average session volume of 1,135,673 shares. The stock had previously closed at $66.81.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Roth Mkm started coverage on Verona Pharma in a report on Friday, January 10th. They issued a "buy" rating and a $68.00 target price for the company. Roth Capital set a $83.00 price objective on Verona Pharma in a research note on Friday, February 28th. 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. Wells Fargo & Company lifted their price target on shares of Verona Pharma from $74.00 to $93.00 and gave the stock an "overweight" rating in a report on Friday, February 28th. Finally, Truist Financial reissued a "buy" rating and issued a $57.00 price objective (up previously from $44.00) on shares of Verona Pharma in a research note on Wednesday, January 8th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $69.14.

Verona Pharma Stock Performance

The company has a market capitalization of $5.13 billion, a price-to-earnings ratio of -33.02 and a beta of 0.39. The company has a 50 day moving average price of $61.98 and a 200 day moving average price of $46.01. The company has a debt-to-equity ratio of 0.93, a quick ratio of 12.88 and a current ratio of 13.03.

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Insider Activity at Verona Pharma

In related news, insider Kathleen A. Rickard sold 79,264 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $8.35, for a total value of $661,854.40. Following the transaction, the insider now owns 2,608,976 shares of the company's stock, valued at approximately $21,784,949.60. This trade represents a 2.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.80% of the stock is currently owned by insiders.

Institutional Trading of Verona Pharma

Several institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its holdings in Verona Pharma by 77.0% during the third quarter. The Manufacturers Life Insurance Company now owns 105,159 shares of the company's stock worth $3,025,000 after buying an additional 45,741 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Verona Pharma by 176.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 60,211 shares of the company's stock worth $1,732,000 after acquiring an additional 38,434 shares in the last quarter. Townsquare Capital LLC bought a new stake in Verona Pharma in the 3rd quarter worth about $507,000. Walleye Capital LLC purchased a new stake in shares of Verona Pharma during the third quarter valued at approximately $1,859,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Verona Pharma during the 3rd quarter valued at $494,000. 85.88% of the stock is owned by hedge funds and other institutional investors.

Verona Pharma Company Profile

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.