Verona Pharma (NASDAQ:VRNA) Sets New 1-Year High – Time to Buy?

Verona Pharma plc (NASDAQ:VRNA)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $74.18 and last traded at $73.21, with a volume of 5642750 shares traded. The stock had previously closed at $68.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on VRNA shares. Wells Fargo & Company lifted their target price on Verona Pharma from $74.00 to $93.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. TD Cowen initiated coverage on Verona Pharma in a report on Monday. They issued a “buy” rating and a $100.00 price objective for the company. HC Wainwright increased their target price on shares of Verona Pharma from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Truist Financial restated a “buy” rating and set a $57.00 price target (up from $44.00) on shares of Verona Pharma in a research note on Wednesday, January 8th. Finally, Cantor Fitzgerald assumed coverage on shares of Verona Pharma in a research note on Monday, April 21st. They issued an “overweight” rating and a $80.00 price objective for the company. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Verona Pharma presently has an average rating of “Buy” and a consensus target price of $78.50.

Verona Pharma Trading Up 6.4 %

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 stock has a market cap of $5.92 billion, a P/E ratio of -38.13 and a beta of 0.16. The firm’s fifty day moving average price is $62.68 and its two-hundred day moving average price is $51.22.

Insider Buying and Selling at Verona Pharma

In related news, insider Kathleen A. Rickard sold 79,264 shares of the 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.80% of the company’s stock.

Institutional Trading of Verona Pharma

A number of hedge funds have recently bought and sold shares of the company. NBC Securities Inc. purchased a new position in shares of Verona Pharma during the first quarter worth approximately $34,000. Vermillion Wealth Management Inc. bought a new stake in Verona Pharma in the fourth quarter worth $46,000. GF Fund Management CO. LTD. purchased a new stake in Verona Pharma during the fourth quarter valued at about $72,000. GAMMA Investing LLC boosted its position in Verona Pharma by 20.7% during the fourth quarter. GAMMA Investing LLC now owns 1,612 shares of the company’s stock valued at $75,000 after buying an additional 276 shares during the period. Finally, Avanza Fonder AB bought a new position in shares of Verona Pharma during the first quarter valued at about $100,000. 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.