Verona Pharma (NASDAQ:VRNA) Trading Up 5.8% - Here's Why

Verona Pharma plc (NASDAQ:VRNA - Get Free Report) shares rose 5.8% during mid-day trading on Wednesday . The stock traded as high as $66.93 and last traded at $66.32. Approximately 111,899 shares traded hands during trading, a decline of 93% from the average daily volume of 1,513,236 shares. The stock had previously closed at $62.70.

Analyst Upgrades and Downgrades

VRNA has been the topic of several recent research reports. Truist Financial reaffirmed a "buy" rating and set a $57.00 price objective (up from $44.00) on shares of Verona Pharma in a report on Wednesday, January 8th. Roth Mkm initiated coverage on Verona Pharma in a research report on Friday, January 10th. They set a "buy" rating and a $68.00 target price on the stock. Wells Fargo & Company boosted their target price on Verona Pharma from $74.00 to $93.00 and gave the company an "overweight" rating in a research report on Friday, February 28th. HC Wainwright boosted 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. Finally, Roth Capital set a $83.00 target price on Verona Pharma in a research report on Friday, February 28th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $69.14.

Verona Pharma Stock Down 2.7 %

The company has a 50-day simple moving average of $58.49 and a 200 day simple moving average of $43.35. The company has a market cap of $5.14 billion, a P/E ratio of -33.15 and a beta of 0.39. The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93.

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Insider Buying and Selling at Verona Pharma

In other Verona Pharma news, 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 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Verona Pharma

Hedge funds have recently bought and sold shares of the business. Atria Investments Inc purchased a new stake in shares of Verona Pharma in the 3rd quarter worth $548,000. Crossmark Global Holdings Inc. purchased a new stake in shares of Verona Pharma in the 3rd quarter worth $465,000. GSA Capital Partners LLP purchased a new stake in shares of Verona Pharma in the 3rd quarter worth $849,000. Claro Advisors LLC purchased a new stake in shares of Verona Pharma in the 3rd quarter worth $209,000. Finally, First Turn Management LLC purchased a new stake in shares of Verona Pharma in the 3rd quarter worth $16,483,000. 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.