Verona Pharma (NASDAQ:VRNA) Stock Price Up 3.4% - Still a Buy?

Verona Pharma plc (NASDAQ:VRNA - Get Free Report)'s stock price traded up 3.4% during mid-day trading on Tuesday . The company traded as high as $36.14 and last traded at $36.14. 52,822 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 926,335 shares. The stock had previously closed at $34.94.

Analyst Ratings Changes

Several equities analysts have weighed in on VRNA shares. HC Wainwright raised their target price on 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 raised their price objective on Verona Pharma from $37.00 to $44.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Truist Financial upped their target price on Verona Pharma from $38.00 to $44.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Finally, Wells Fargo & Company lifted their price target on shares of Verona Pharma from $50.00 to $64.00 and gave the company an "overweight" rating in a research report on Tuesday, November 5th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $43.83.

Verona Pharma Stock Performance

The stock's 50 day moving average is $32.92 and its two-hundred day moving average is $23.87. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of -19.46 and a beta of 0.42. The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93.

Verona Pharma (NASDAQ:VRNA - Get Free Report) last released its earnings results 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 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 posted ($0.18) earnings per share. Analysts expect that Verona Pharma plc will post -2.11 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Mark W. Hahn sold 116,696 shares of Verona Pharma stock in a transaction on Monday, October 21st. The shares were sold at an average price of $4.38, for a total transaction of $511,128.48. Following the transaction, the chief financial officer now owns 13,973,264 shares in the company, valued at approximately $61,202,896.32. The trade was a 0.83 % 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, CEO David Zaccardelli sold 245,784 shares of the company'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 completion of the sale, the chief executive officer now owns 15,004,920 shares in the company, valued at $65,721,549.60. This trade represents a 1.61 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,141,944 shares of company stock valued at $5,004,952. 4.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC bought a new stake in shares of Verona Pharma during the second quarter valued at approximately $29,000. EMC Capital Management bought a new stake in shares of Verona Pharma during the second quarter worth about $38,000. GAMMA Investing LLC increased its position in shares of Verona Pharma by 70.6% during the third quarter. GAMMA Investing LLC now owns 1,336 shares of the company's stock worth $38,000 after acquiring an additional 553 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Verona Pharma by 25.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,610 shares of the company's stock worth $75,000 after acquiring an additional 529 shares during the last quarter. Finally, Legato Capital Management LLC bought a new position in Verona Pharma in the 2nd quarter valued at about $154,000. 85.88% of the stock is owned by institutional investors and hedge funds.

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.

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