Velan Capital Investment Management LP Invests $2.32 Million in Verona Pharma plc (NASDAQ:VRNA)

Velan Capital Investment Management LP purchased a new stake in Verona Pharma plc (NASDAQ:VRNA - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 50,000 shares of the company's stock, valued at approximately $2,322,000. Verona Pharma makes up approximately 2.0% of Velan Capital Investment Management LP's portfolio, making the stock its 11th largest position. Velan Capital Investment Management LP owned 0.06% of Verona Pharma at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Diversify Advisory Services LLC grew its position in Verona Pharma by 5.2% in the 4th quarter. Diversify Advisory Services LLC now owns 6,166 shares of the company's stock valued at $279,000 after buying an additional 305 shares in the last quarter. Townsquare Capital LLC grew its position in Verona Pharma by 1.9% in the 4th quarter. Townsquare Capital LLC now owns 17,958 shares of the company's stock valued at $834,000 after buying an additional 332 shares in the last quarter. Geode Capital Management LLC grew its position in Verona Pharma by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 62,741 shares of the company's stock valued at $2,914,000 after buying an additional 660 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its position in Verona Pharma by 8.6% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 22,848 shares of the company's stock valued at $1,061,000 after buying an additional 1,807 shares in the last quarter. Finally, EMC Capital Management grew its position in Verona Pharma by 3,400.0% in the 4th quarter. EMC Capital Management now owns 3,500 shares of the company's stock valued at $163,000 after buying an additional 3,400 shares in the last quarter. 85.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Verona Pharma

In other news, insider Kathleen A. Rickard sold 114,984 shares of the company's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $8.82, for a total value of $1,014,158.88. Following the completion of the sale, the insider now directly owns 2,546,472 shares of the company's stock, valued at $22,459,883.04. This represents a 4.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Vikas Sinha sold 20,000 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $8.92, for a total value of $178,400.00. Following the completion of the sale, the director now directly owns 74,440 shares of the company's stock, valued at approximately $664,004.80. This trade represents a 21.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 365,064 shares of company stock valued at $3,208,741 over the last ninety days. 4.80% of the stock is owned by insiders.

Verona Pharma Stock Performance

VRNA traded up $2.37 during trading on Friday, reaching $75.06. 861,523 shares of the company's stock were exchanged, compared to its average volume of 1,299,649. Verona Pharma plc has a fifty-two week low of $11.39 and a fifty-two week high of $75.60. The company has a quick ratio of 12.88, a current ratio of 13.03 and a debt-to-equity ratio of 0.93. The business has a 50 day moving average price of $64.57 and a 200 day moving average price of $55.56. The company has a market capitalization of $6.09 billion, a P/E ratio of -39.09 and a beta of 0.20.

Verona Pharma (NASDAQ:VRNA - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.22) by $0.49. The company had revenue of $98.65 million for the quarter, compared to the consensus estimate of $41.47 million. As a group, analysts predict that Verona Pharma plc will post -1.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Roth Capital set a $83.00 target price on shares of Verona Pharma in a research report on Friday, February 28th. Cowen started coverage on shares of Verona Pharma in a research report on Monday, April 28th. They issued a "buy" rating for the company. HC Wainwright raised their price objective on shares of Verona Pharma from $75.00 to $85.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Cantor Fitzgerald started coverage on shares of Verona Pharma in a research report on Monday, April 21st. They set an "overweight" rating and a $80.00 price objective for the company. Finally, Wells Fargo & Company raised their price objective on shares of Verona Pharma from $93.00 to $107.00 and gave the company an "overweight" rating in a research report on Wednesday, April 30th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $81.50.

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.