Verona Pharma (NASDAQ:VRNA) Stock Price Down 2.5% - Here's Why

Verona Pharma plc (NASDAQ:VRNA - Get Free Report) was down 2.5% on Tuesday . The company traded as low as $45.64 and last traded at $45.83. Approximately 105,374 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 925,925 shares. The stock had previously closed at $47.02.

Wall Street Analyst Weigh In

VRNA has been the topic of several analyst reports. Wells Fargo & Company upped their price objective on Verona Pharma from $50.00 to $64.00 and gave the company an "overweight" rating in a research report on Tuesday, November 5th. Canaccord Genuity Group increased their price objective on Verona Pharma from $37.00 to $44.00 and gave the company a "buy" rating in a research report on Tuesday, November 5th. HC Wainwright boosted their target price on Verona Pharma from $36.00 to $42.00 and gave the stock a "buy" rating in a research report on Tuesday, November 5th. Finally, Truist Financial upped their target price on shares of 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, the stock currently has an average rating of "Buy" and a consensus price target of $43.83.

Verona Pharma Stock Down 1.2 %

The company's 50-day moving average price is $39.33 and its 200 day moving average price is $29.99. The company has a debt-to-equity ratio of 0.93, a quick ratio of 12.88 and a current ratio of 13.03. The stock has a market cap of $3.74 billion, a PE ratio of -24.19 and a beta of 0.46.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.12). The firm had revenue of $5.62 million for the quarter, compared to analysts' expectations of $2.31 million. During the same period last year, the firm posted ($0.18) earnings per share. As a group, analysts forecast that Verona Pharma plc will post -2.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Mark W. Hahn sold 183,728 shares of the company's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $5.01, for a total value of $920,477.28. Following the completion of the transaction, the chief financial officer now owns 13,293,736 shares of the company's stock, valued at approximately $66,601,617.36. This represents a 1.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO David Zaccardelli sold 245,784 shares of the firm's stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $4.38, for a total value of $1,076,533.92. Following the sale, the chief executive officer now directly owns 15,004,920 shares in the company, valued at approximately $65,721,549.60. This represents a 1.61 % 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. 4.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Verona Pharma

Institutional investors have recently added to or reduced their stakes in the stock. Eventide Asset Management LLC boosted its position in shares of Verona Pharma by 359.6% during the third quarter. Eventide Asset Management LLC now owns 2,425,846 shares of the company's stock worth $69,792,000 after acquiring an additional 1,898,065 shares during the last quarter. Maverick Capital Ltd. boosted its holdings in shares of Verona Pharma by 74.2% during 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 bought a new position in shares of Verona Pharma during the 3rd quarter valued at about $31,966,000. Candriam S.C.A. purchased a new position in shares of Verona Pharma during the second quarter valued at about $11,177,000. Finally, Jennison Associates LLC increased its holdings in shares of Verona Pharma by 54.3% in the third quarter. Jennison Associates LLC now owns 1,740,886 shares of the company's stock worth $50,085,000 after purchasing an additional 612,854 shares during the last quarter. 85.88% of the stock is owned by hedge funds and other 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.