Verona Pharma (NASDAQ:VRNA) Shares Down 3.6% – Here’s Why

Verona Pharma plc (NASDAQ:VRNA) shares traded down 3.6% during mid-day trading on Monday . The company traded as low as $44.73 and last traded at $44.90. 83,366 shares changed hands during trading, a decline of 93% from the average session volume of 1,145,106 shares. The stock had previously closed at $46.59.

Wall Street Analysts Forecast Growth

VRNA has been the topic of a number of research reports. Truist Financial restated a “buy” rating and issued a $57.00 price objective (up previously from $44.00) on shares of Verona Pharma in a report on Wednesday. Canaccord Genuity Group raised their price target on shares of Verona Pharma from $37.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Wells Fargo & Company upped their price objective on shares of Verona Pharma from $64.00 to $74.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $47.67.

Verona Pharma Trading Down 6.8 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 13.03 and a quick ratio of 12.88. The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of -24.06 and a beta of 0.40. The business has a fifty day moving average price of $40.64 and a 200 day moving average price of $31.11.

Verona Pharma (NASDAQ:VRNA) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). The business had revenue of $5.62 million for the quarter, compared to analysts’ expectations of $2.31 million. During the same period in the previous year, the business posted ($0.18) earnings per share. On average, equities analysts expect that Verona Pharma plc will post -2.11 EPS for the current fiscal year.

Insider Activity

In other Verona Pharma news, CFO Mark W. Hahn sold 249,728 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 transaction of $1,093,808.64. Following the completion of the transaction, the chief financial officer now owns 14,089,960 shares in the company, valued at $61,714,024.80. This trade represents a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kathleen A. Rickard sold 240,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $4.90, for a total value of $1,176,000.00. Following the completion of the sale, the insider now owns 2,671,480 shares in the company, valued at approximately $13,090,252. This represents a 8.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,094,432 shares of company stock worth $9,748,833. Company insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC increased its position in shares of Verona Pharma by 70.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,336 shares of the company’s stock worth $38,000 after purchasing an additional 553 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Verona Pharma by 25.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,610 shares of the company’s stock worth $75,000 after buying an additional 529 shares during the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Verona Pharma during the third quarter worth approximately $169,000. Claro Advisors LLC bought a new position in shares of Verona Pharma in the third quarter valued at approximately $209,000. Finally, Sanctuary Advisors LLC bought a new stake in Verona Pharma during the 3rd quarter worth approximately $219,000. 85.88% of the stock is currently owned by institutional investors and hedge funds.

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.