Verona Pharma (NASDAQ:VRNA) Stock Price Down 4.3% After Insider Selling

Verona Pharma plc (NASDAQ:VRNA)’s stock price fell 4.3% during trading on Monday after an insider sold shares in the company. The stock traded as low as $14.87 and last traded at $15.02. 245,237 shares changed hands during trading, a decline of 50% from the average session volume of 489,801 shares. The stock had previously closed at $15.69.

Specifically, insider Kathleen A. Rickard sold 36,248 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $1.96, for a total value of $71,046.08. Following the completion of the transaction, the insider now owns 2,621,552 shares of the company’s stock, valued at $5,138,241.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. HC Wainwright reissued a “buy” rating and set a $32.00 target price on shares of Verona Pharma in a report on Monday, March 4th. Piper Sandler upped their price objective on Verona Pharma from $31.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Finally, Wedbush reaffirmed an “outperform” rating and set a $33.00 target price on shares of Verona Pharma in a research note on Friday, March 1st. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $33.60.

Verona Pharma Price Performance

The company has a fifty day simple moving average of $16.09 and a 200-day simple moving average of $16.21. The company has a market cap of $1.20 billion, a P/E ratio of -21.43 and a beta of 0.43. The company has a debt-to-equity ratio of 0.20, a current ratio of 33.33 and a quick ratio of 33.33.

Verona Pharma (NASDAQ:VRNA) last issued its earnings results on Thursday, February 29th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.07. On average, sell-side analysts predict that Verona Pharma plc will post -1.32 earnings per share for the current year.

Institutional Trading of Verona Pharma

Hedge funds have recently bought and sold shares of the company. First Turn Management LLC acquired a new stake in shares of Verona Pharma during the fourth quarter valued at approximately $23,981,000. Eventide Asset Management LLC acquired a new stake in Verona Pharma during the 3rd quarter valued at $13,855,000. Federated Hermes Inc. lifted its holdings in shares of Verona Pharma by 49.3% in the third quarter. Federated Hermes Inc. now owns 2,493,530 shares of the company’s stock valued at $40,645,000 after purchasing an additional 822,832 shares in the last quarter. American Century Companies Inc. acquired a new stake in shares of Verona Pharma in the third quarter worth $4,566,000. Finally, Clearbridge Investments LLC purchased a new position in shares of Verona Pharma during the fourth quarter valued at $4,949,000. 85.88% of the stock is owned by hedge funds and other institutional investors.

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.