Verona Pharma (NASDAQ:VRNA) Stock Price Down 7% - What's Next?

Verona Pharma plc (NASDAQ:VRNA - Get Free Report) fell 7% on Tuesday . The stock traded as low as $58.60 and last traded at $59.04. 1,377,325 shares were traded during trading, an increase of 19% from the average session volume of 1,154,149 shares. The stock had previously closed at $63.49.

Analyst Ratings Changes

A number of analysts have commented on the company. Roth Capital set a $83.00 price target on Verona Pharma in a research report on Friday, February 28th. Wells Fargo & Company lifted their price target on shares of Verona Pharma from $74.00 to $93.00 and gave the company an "overweight" rating in a report on Friday, February 28th. HC Wainwright lifted their target price on shares of Verona Pharma from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Canaccord Genuity Group increased their price target on Verona Pharma from $44.00 to $72.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. Finally, Truist Financial restated a "buy" rating and issued a $57.00 price objective (up from $44.00) on shares of Verona Pharma in a research report on Wednesday, January 8th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Verona Pharma presently has a consensus rating of "Buy" and an average price target of $69.14.

Verona Pharma Stock Down 7.2 %

The company has a market cap of $4.36 billion, a PE ratio of -28.07 and a beta of 0.16. 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 company's 50 day moving average is $62.70 and its 200 day moving average is $47.40.

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Insider Activity

In other Verona Pharma 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 transaction 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.80% of the company's stock.

Institutional Trading of Verona Pharma

Several hedge funds and other institutional investors have recently bought and sold shares of VRNA. NorthCrest Asset Manangement LLC purchased a new stake in Verona Pharma during the fourth quarter valued at approximately $479,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Verona Pharma during the 4th quarter valued at $46,000. GF Fund Management CO. LTD. acquired a new stake in shares of Verona Pharma in the 4th quarter worth $72,000. Castleark Management LLC purchased a new position in Verona Pharma during the 4th quarter worth $8,631,000. Finally, Woodline Partners LP raised its stake in Verona Pharma by 1.7% in the fourth quarter. Woodline Partners LP now owns 516,605 shares of the company's stock valued at $23,991,000 after buying an additional 8,660 shares during the last quarter. Institutional investors own 85.88% of the company's stock.

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.