Verona Pharma (NASDAQ:VRNA) Shares Gap Down Following Insider Selling

Verona Pharma plc (NASDAQ:VRNA - Get Free Report)'s stock price gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $65.36, but opened at $62.75. Verona Pharma shares last traded at $63.73, with a volume of 518,111 shares.

Specifically, insider Kathleen A. Rickard sold 79,264 shares of the company's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $8.35, for a total value of $661,854.40. Following the transaction, the insider now directly owns 2,608,976 shares of the company's stock, valued at $21,784,949.60. This represents a 2.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

Several research firms recently issued reports on VRNA. Roth Capital set a $83.00 target price on Verona Pharma in a research report on Friday, February 28th. Roth Mkm began coverage on Verona Pharma in a research report on Friday, January 10th. They issued a "buy" rating and a $68.00 target price on the stock. HC Wainwright upped their target price on Verona Pharma from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Canaccord Genuity Group upped their price target on shares of Verona Pharma from $44.00 to $72.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company upped 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. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Verona Pharma currently has an average rating of "Buy" and a consensus price target of $69.14.

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Verona Pharma Price Performance

The company has a market cap of $5.14 billion, a PE ratio of -33.10 and a beta of 0.39. The company's 50-day simple moving average is $59.22 and its 200 day simple moving average is $44.11. The company has a debt-to-equity ratio of 0.93, a quick ratio of 12.88 and a current ratio of 13.03.

Hedge Funds Weigh In On Verona Pharma

Several hedge funds have recently made changes to their positions in the company. Vermillion Wealth Management Inc. purchased a new position in shares of Verona Pharma during the fourth quarter worth about $46,000. GF Fund Management CO. LTD. acquired a new stake in shares of Verona Pharma during the 4th quarter valued at approximately $72,000. GAMMA Investing LLC lifted its position in shares of Verona Pharma by 20.7% during the 4th quarter. GAMMA Investing LLC now owns 1,612 shares of the company's stock valued at $75,000 after acquiring an additional 276 shares during the period. EMC Capital Management lifted its position in shares of Verona Pharma by 3,400.0% during the 4th quarter. EMC Capital Management now owns 3,500 shares of the company's stock valued at $163,000 after acquiring an additional 3,400 shares during the period. Finally, Wrapmanager Inc. acquired a new stake in shares of Verona Pharma during the 4th quarter valued at approximately $207,000. Hedge funds and other institutional investors own 85.88% of the company's stock.

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.