Verona Pharma (NASDAQ:VRNA) Trading 5.2% Higher – Here’s What Happened

Shares of Verona Pharma plc (NASDAQ:VRNA) rose 5.2% during mid-day trading on Monday . The company traded as high as $68.50 and last traded at $68.86. Approximately 292,267 shares traded hands during trading, a decline of 76% from the average daily volume of 1,226,937 shares. The stock had previously closed at $65.46.

Analyst Ratings Changes

A number of brokerages have weighed in on VRNA. TD Cowen assumed coverage on shares of Verona Pharma in a research note on Monday. They issued a “buy” rating and a $100.00 target price for the company. Canaccord Genuity Group raised their price objective on Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Cowen initiated coverage on shares of Verona Pharma in a research note on Monday. They set a “buy” rating for the company. HC Wainwright raised their price objective on Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Cantor Fitzgerald initiated coverage on shares of Verona Pharma in a report on Monday, April 21st. They issued an “overweight” rating and a $80.00 price target on the stock. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $78.50.

Verona Pharma Stock Up 4.5 %

The business has a 50-day moving average price of $62.40 and a 200-day moving average price of $50.82. The stock has a market cap of $5.53 billion, a PE ratio of -35.52 and a beta of 0.16. The company has a current ratio of 13.03, a quick ratio of 12.88 and a debt-to-equity ratio of 0.93.

Insider Activity at Verona Pharma

In other Verona Pharma news, insider Kathleen A. Rickard sold 79,264 shares of Verona Pharma stock in a transaction that occurred 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 sale, the insider now owns 2,608,976 shares of the company’s stock, valued at approximately $21,784,949.60. The trade was a 2.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of VRNA. NBC Securities Inc. acquired a new position in Verona Pharma during the 1st quarter worth $34,000. Vermillion Wealth Management Inc. bought a new stake in shares of Verona Pharma in the 4th quarter worth approximately $46,000. GF Fund Management CO. LTD. acquired a new position in shares of Verona Pharma in the 4th quarter valued at $72,000. GAMMA Investing LLC grew its position in Verona Pharma by 20.7% during the 4th quarter. GAMMA Investing LLC now owns 1,612 shares of the company’s stock worth $75,000 after purchasing an additional 276 shares in the last quarter. Finally, Avanza Fonder AB purchased a new stake in Verona Pharma in the 1st quarter worth approximately $100,000. 85.88% of the stock is currently 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.