Platinum Investment Management Ltd. Makes New Investment in Verona Pharma PLC American Depositary Share $VRNA

Key Points

• Platinum Investment Management Ltd. made a new investment in Verona Pharma PLC, purchasing 15,146 shares valued at approximately $1,433,000 during the 2nd quarter.
• In a series of transactions in August, Verona Pharma's CEO David Zaccardelli and Director Martin Edwards sold significant shares, with Zaccardelli selling 208,912 shares for around $2.75 million.
• Analysts have generally lowered their ratings on Verona Pharma PLC, with a consensus rating of "Hold" and an average target price of $109.00, amidst a backdrop of negative earnings projections of -1.95 EPS for the current fiscal year.

Platinum Investment Management Ltd. purchased a new position in Verona Pharma PLC American Depositary Share (NASDAQ:VRNA - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 15,146 shares of the company's stock, valued at approximately $1,433,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of VRNA. Adage Capital Partners GP L.L.C. grew its position in Verona Pharma PLC American Depositary Share by 381.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,631,000 shares of the company's stock worth $103,552,000 after purchasing an additional 1,292,575 shares during the last quarter. Lord Abbett & CO. LLC acquired a new stake in Verona Pharma PLC American Depositary Share in the 1st quarter worth $58,716,000. Goldman Sachs Group Inc. boosted its position in shares of Verona Pharma PLC American Depositary Share by 274.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,041,408 shares of the company's stock valued at $66,119,000 after acquiring an additional 763,353 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Verona Pharma PLC American Depositary Share during the 1st quarter valued at about $33,150,000. Finally, TimesSquare Capital Management LLC acquired a new stake in shares of Verona Pharma PLC American Depositary Share during the 1st quarter valued at about $31,526,000. 85.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Verona Pharma PLC American Depositary Share news, CEO David Zaccardelli sold 208,912 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $13.14, for a total value of $2,745,103.68. Following the completion of the transaction, the chief executive officer directly owned 13,376,144 shares of the company's stock, valued at approximately $175,762,532.16. The trade was a 1.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Martin Edwards sold 10,808 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $13.14, for a total transaction of $142,017.12. Following the completion of the transaction, the director directly owned 157,992 shares of the company's stock, valued at approximately $2,076,014.88. This represents a 6.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 540,584 shares of company stock valued at $7,103,274. Insiders own 4.80% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Jefferies Financial Group reiterated a "hold" rating and set a $107.00 target price (down from $140.00) on shares of Verona Pharma PLC American Depositary Share in a research report on Wednesday, July 9th. TD Cowen lowered shares of Verona Pharma PLC American Depositary Share from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Cowen lowered shares of Verona Pharma PLC American Depositary Share from a "buy" rating to a "hold" rating in a research report on Wednesday, July 9th. BTIG Research lowered shares of Verona Pharma PLC American Depositary Share from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Finally, HC Wainwright reiterated a "neutral" rating and set a $107.00 target price (up from $90.00) on shares of Verona Pharma PLC American Depositary Share in a research report on Monday, July 14th. Two investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $109.00.

Verona Pharma PLC American Depositary Share Trading Up 0.1%

Shares of VRNA stock opened at $106.82 on Thursday. Verona Pharma PLC American Depositary Share has a 12-month low of $28.44 and a 12-month high of $106.85. The company has a market capitalization of $9.21 billion, a P/E ratio of -107.90 and a beta of 0.05. The firm has a 50-day moving average price of $105.84 and a 200 day moving average price of $87.11. The company has a quick ratio of 10.54, a current ratio of 10.71 and a debt-to-equity ratio of 0.87.

Verona Pharma PLC American Depositary Share (NASDAQ:VRNA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.14. Verona Pharma PLC American Depositary Share had a negative net margin of 36.62% and a negative return on equity of 21.12%. The firm had revenue of $103.14 million during the quarter, compared to the consensus estimate of $90.41 million. Research analysts forecast that Verona Pharma PLC American Depositary Share will post -1.95 earnings per share for the current fiscal year.

About Verona Pharma PLC American Depositary Share

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.

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